SOLUTION: Determine how long it will take to accumulate at least $20,000 in a bank account if you deposit $250 initially, $1200 at the end of each year and the account pays 5% annual int

Question 1065844: Determine how long it will take to accumulate at least $20,000 in a bank account if you
deposit $250 initially, $1200 at the end of each year and the account pays 5% annual
interest.
I need to figure out the formula but I dont know how to get it.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Determine how long it will take to accumulate at least $20,000 in a bank account if you
deposit $250 initially, $1200 at the end of each year and the account pays 5% annual
-----------
You have to know the compounding period.
Then look up annuities.
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