Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reaching a Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $2,000 per year - with the first

Reaching a Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $2,000 per year - with the first payment being made a year from today - into a bank account that pays 7.99% annual interest. Your last deposit will be less than $2,000 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number. year(s) How large will the last deposit be? Round your answer to the nearest cent. $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes

11th International Edition

1259094901, 9781259094903

More Books

Students also viewed these Finance questions

Question

7. What are the major components of CRM?

Answered: 1 week ago

Question

Describe forecasting requirements.

Answered: 1 week ago