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20 April, 14:41

You have $12,949.72 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $220.000. You expect

to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number

ps

years

+2
Answers (1)
  1. 20 April, 14:48
    0
    Answer: 15

    Explanation:

    Given the following:

    Interest per annum (I / YR) = (12 / 1) = 12

    Future value (FV) = $220,000

    Present Value (PV) = $12,949.72

    Payment per period (PMT) = $4000

    Using the online financial calculator:

    The number of periods to attain a future value of $220,000 with a present value of $12,949.72 and periodic payment of $4000 at an interest rate of 12% per annum is 15.

    Therefore, the number of periods is 15.

    Inputting the above parameters into the online financial calculator gives a period (N) value of 15.
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