Question: You have $ 2 9 , 7 5 9 . 2 9 in a brokerage account, and you plan to deposit an additional $ 5

You have $29,759.29 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $270,000.
You expect to eam 12% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
years
You have $29,759.29 in a brokerage account, and you plan to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Consider a society consisting of only three people: Adam, Beth, and Chad. All three workers spend all day making clothing and food. At the start of each day, Chad tells each worker how many hours to...

Q:

Overview In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance...

Q:

A sequence of real numbers is unimodal if the sequence is nondecreasing until it reaches its maximum (ascent phase) and then it is nonincreasing (descent phase). Examples: The sequences (1, 4, 6, 8,...

Q:

Problem 8.25 Question Help The EU has made changes in airline regulation that dramatically affect major European carriers such as British International Air, KLM, Air France, Alitalia, and Swiss. With...

Q:

The text files boys and girls contain a list of the 20 most popular boy and girl names in the United States for the year 2017 as compiled by the Social Security Administration (content of the two...

Q:

I need help working through this problem. Most of the work I have completed but I need help ensuring that my answers are correct before submitting the assignment. I have attached the problem...

Q:

Need help with attachment along with steps so I may understand. Option #1: Time Value of Money Calculations Complete the Problems below: 1. If you deposit $5,000 in a bank account that pays 8%...

Q:

1. If you deposit $5,000 in a bank account that pays 8% interest annually, how much will your account balance be in 5 years? 2. What is the present value of a security that will pay $50,000 in 10...

Q:

Instruction: Please solve the following problems by using formulas DO NOT USE EXCEL TO SOLVE 5. You have $33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of...

Q:

4. If you deposit money today in an account that pays 2.5% annual interest, how long will it take to double your money? Steps (9 points): Answer (1 point): 5. You have $100,000 in a brokerage...

Q:

Post to the forum an area of a business that might benefit from business intelligence. Procedure 1. in the forum, identify a business, or a part of a business you are familiar with that might benefit...

Q:

Earlier in the chapter, we characterized the balance sheet as providing a snapshot of the firm at one point in time and the income statement as providing a video. What did we mean by this? Is the...

Q:

What is the formula for return on investment ( ROI ) ? ratio of net profit ( after taxes ) to the investment multiplied by 1 0 0 gross sales divided by investment costs divided by 1 0 0 net sales...

Q:

Discuss the policy statement concept and identify three focus areas / procedures where a clearpolicy statement / operating procedure

Q:

=+8. Determine what the brand's positioning is. Do you want consumers to say it's safe, cool, fun, reliable, etc.? (WHAT IS THE BRAND KNOWN FOR?)

Q:

=+7. What is the big message you want them to know?

Q:

=+c. Geographics Explores where (location and kind of setting: urban, suburban, rural) audience lives.