Scientific calculator and a formula

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Reference no: EM133233450

Subject: Finance - Time Value of Money

Instruction: Answer the problem below with a solution. DO NOT USE a Financial Calculator nor Excel. Please only use a Scientific Calculator and a Formula. DO NOT round off the answers. 

Problem 1

You have $33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?

My teacher said the correct answer here is 11 years. Please show how is it computed. DO NOT COPY ANSWERS FROM THE INTERNET.  

Reference no: EM133233450

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