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10 years from today, you need to make a down payment of $20,000 for a house. You plan to deposit $1,700 annually, with the first
10 years from today, you need to make a down payment of $20,000 for a house. You plan to deposit $1,700 annually, with the first payment to be made a year from today. The interest rate is 5 percent. Your last deposit in year 10 needs to be smaller to reach the goal of $20,000. How large does your last deposit in year 10 need to be to reach the goal of $20,000 in 10 years from now?
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