You have $1,154.95 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $200,000. 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.

You have $1,154.95 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $200,000. 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.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 34P

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