Question

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?

Answer 1

You can use this site to figure this problem.

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

Answer 2

It would take 4.73 years more than 4 1/2 years to accumulate $250,000