You have $11,849.93 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $240,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal?

it take to reach your goal is 14 years

Explanation:

given data

initial fixed amount = $11,849.93

deposit additional = $5,000

account totals = $240,000

expect to earn r = 13%

solution

we apply here Future value of annuity that is

Future value of annuity = initial fixed amount × + deposit additional  ×      .................1

put here value and we get

$240,000 = $11,849.93  × + $5,000 ×      

solve it we get

time t = 14

so it take to reach your goal is 14 years

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%