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You need $10,000 six years from today. You plan to deposit $1,400 annually, with the first payment to be made a year from today, in
You need $10,000 six years from today. You plan to deposit $1,400 annually, with the first payment to be made a year from today, in an account that pays a 10% effective annual rate. Your last deposit, which will occur at the end of Year 6, will be for less than $1,400 if less is needed to have the $10,000 in 6 years. How large will your last payment be? Round your answer to two decimal places
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