14. Problem 4-26 (Reaching a Financial Goal)

Reaching a Financial Goal

You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year - with the first payment being made a year from today - into a bank account that pays 11% annual interest. Your last deposit will be less than $1,100 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.

$