|
Number of Years to Accumulate Balance |
|
|
|
|
Number of Years to Accumulate Balance |
|
|
Number of Years to Accumulate Balance
|
Number of Years to Accumulate Balance |
|
|
|
|
Number of Years to Accumulate Balance |
|
|
A client currently has $100,000 in their account and is making monthly deposits of $500, increasing by 2.5% per year. They are earning 7% per year. How many years will it take for the account to grow to $1,000,000?
Use the following values for the prompts:
Prompt |
Value |
|
Type of Fund |
Future Value |
|
Current Account Value |
100000 |
|
Type of Deposits |
Annual Increasing by a % |
|
# of Deposits/Year |
12 |
|
Amount of Each Deposit |
500 |
|
Deposits Made at |
End of Period |
|
Annual Increase in Deposit |
2.5 |
|
Interest Rate |
7 |
|
# of Years |
Do not enter value |
|
Future Value |
1000000 |
Place the cursor on the # of Years prompt and click on the 'Calculate Cursor Line' button.
The account will grow to one million dollars in 24.5409 years.
How many years would it take if they quit making deposits today?
Enter a zero ('0') for Amount of Each Deposit.
The # of Years recalculates to 34.0322 years.