Shelby currently has 13,800 dollars saved and plans to make annual savings contributions of 12,200 dollars....

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Shelby currently has 13,800 dollars saved and plans to makeannual savings contributions of 12,200 dollars. Her first annualsavings contribution is expected in 1 year. Shelby expects to earn3.06 percent per year. How many contributions of 12,200 dollarsdoes Shelby need to make in order to have 122,497 dollars?
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3.6 Ratings (641 Votes)

Current Savings	13,800
Annual Deposits	12,200
Rate	0.03060
No. of Years	8
Final Wanted Amount	122,497

Using Goal Seek Formula in Excel, We find that it will take 8 years for Shelby to get to 122497 dollars.

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Shelby currently has 13,800 dollars saved and plans to makeannual savings contributions of 12,200 dollars. Her first annualsavings contribution is expected in 1 year. Shelby expects to earn3.06 percent per year. How many contributions of 12,200 dollarsdoes Shelby need to make in order to have 122,497 dollars?Please show your work