# Calculating Time required to meet given financial targets

1. Time for a lump sum to double
If you deposit money today in an account that pays 6.5 percent annual interest, how long will it take to double your money?

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2. Time to reach a financial goal-
You have \$ 42,180.53 in a brokerage account, and you plan to deposit an additional \$ 5,000 at the end of every future year until your account totals \$ 250,000. You expect to earn 12 percent annually on the account. How many years will it take to reach your goal?

3-Time for a lump sum to double –
How long will it take \$ 200 to double if it earns the following rates?
Compounding occurs once a year.
a. 7 percent.
b. 10 percent.
c. 18 percent.
d. 100 percent. Solution Preview
Problem 1: If you deposit money today in an account that pays 6.5 percent annual interest, how long will it take to double your money?

Solution : Future value of a lump sum amount is given by
FV =PV(1+r/100)^n
Given FV/PV =2
r = 6.5%
so,
2 = (1.065)^t
t = 11.00674 years

Problem 2 : You have \$ 42,180.53 in a brokerage account, and you plan to …

Solution Summary
There are three problems. Solutions describes the steps in finding the time required to meet the given financial goal.

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