Homework Help: finance

Posted by tippy on Tuesday, January 22, 2008 at 8:13pm.

John Roberts has $42,180.53 in a brokerage account, and he plans to contribute an additional
$5,000 to the account at the end of every year. The brokerage account has an expected annual
return of 12 percent. If John’s goal is to accumulate $250,000 in the account, how many years
will it take for John to reach his goal?

finance - Ms. Sue, Tuesday, January 22, 2008 at 8:30pm
You can use this site to figure this problem.

http://www.moneychimp.com/calculator/compound_interest_calculator.htm
finance - Annette, Thursday, February 14, 2008 at 9:20am
It would take 4.73 years more than 4 1/2 years to accumulate $250,000

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