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29 August, 21:08

Jane Smith has $20,000 in a brokerage account, and she plans to contribute an additional $7,500 to the account at the end of every year. The brokerage account has an expected annual return of 8%. If Jane's goal is to accumulate $375,000 in the account, how many years will it take for Jane to reach her goal?

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  1. 29 August, 21:16
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    how many years will it take for Jane to reach her goal?

    19 years

    Explanation:

    Years Investm % Int. Int. capital

    1 20.000,00 8% 1.600 21.600

    2 29.100,00 8% 2.328 31.428

    3 38.928,00 8% 3.114 42.042

    4 49.542,24 8% 3.963 53.506

    5 61.005,62 8% 4.880 65.886

    6 73.386,07 8% 5.871 79.257

    7 86.756,95 8% 6.941 93.698

    8 101.197,51 8% 8.096 109.293

    9 116.793,31 8% 9.343 126.137

    10 133.636,78 8% 10.691 144.328

    11 151.827,72 8% 12.146 163.974

    12 171.473,94 8% 13.718 185.192

    13 192.691,85 8% 15.415 208.107

    14 215.607,20 8% 17.249 232.856

    15 240.355,77 8% 19.228 259.584

    16 267.084,24 8% 21.367 288.451

    17 295.950,98 8% 23.676 319.627

    18 327.127,05 8% 26.170 353.297

    19 360.797,22 8% 28.864 389.661
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