You need to accumulate $10,000. To do so, you plan to make deposits of $1,400 per year - with the first payment being made a year from today - into a bank account that pays 7% annual interest. Your last deposit will be less than $1,400 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. Round your answer up to the nearest whole number.

___ year(s)

How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent.

$ ____

Answer rating: 100% (QA)

To calculate the number of years it will take to reach the 10000 goal we can use the formula for the ... View the full answer