Ask Question
28 April, 15:53

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

+1
Answers (1)
  1. 28 April, 17:03
    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.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers