You have $58,138.29 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $240,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You have $58,138.29 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every
future year until your account totals $240,000. You expect to earn 10% annually on the account. How many
years will it take to reach your goal? Round your answer to the nearest whole number.
Transcribed Image Text:You have $58,138.29 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $240,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
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Step 1: Introduction

Present value is an estimate of the present value of future cash values ​​that may be received at a future date, discounted by an assumed discount rate. Investors evaluate their projects on the basis of their present value

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