Time to reach a financial goal You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 12 percent annually on the account. How many years will it take to reach your goal?

It take to reach your goal is 11 years

Explanation:

given data

initial fixed amount = $42,180.53

deposit additional = $5,000

account totals = $250,000

expect to earn r = 12%

solution

we will apply Future value of annuity that is express as

Future value of annuity = initial fixed amount ×   + deposit additional  ×     ......................a

put here value and we get

solve it we get

time t = 11

so it take to reach your goal is 11 years

support your answer using the data presented. (5 points). 4. based on the information you used to schedule and curve, which product would you recommend the shoe hut focus on, and why? provide details that support your answer. (5 points).

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