Question 54687
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 teh account, how many years will it take for John to reach his goal?
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EQUATION:
Let "x" be the number of years.
(42180.53+5000x)(1.12x)=250000
5600x^2+47242.1936x-250,000=0
I graphed this and found x=3.68 years
You might want to round that out to 4 yrs.
Cheers,
Stan H.