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 

Calculation Type 
Accumulation 

Calculate 
Number of Years 

Current Account Value 
$100,000 

Interest Rate 
7% 

# of Deposits/Yeart 
12 

Amount of Each Deposit 
500 

Type of Deposits 
Annual Increasing by Percent 

Annual Increase in Deposit 
2.5 

Deposits Made at 
End of Period 

Annual Increase in Deposit 
2.5% 

Projected Value 
$1,000,000 
The Calculated Number of Years shows 24.5275.
How many years would it take if they quit making deposits today?
Enter a zero ('0') for Deposit Amount.
The Calculated Number of Years recalculates to 34.0324 years.