You need to accumulate $10,000. To do so, you plan to make deposits of $1,300 per year - with the first payment being made
You need to accumulate $10,000. To do so, you plan to make deposits of $1,300 per year - with the first payment being made a year from today - into a bank account that pays 10% annual interest. Your last deposit will be less than $1,300 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
You need to accumulate 10000 To do so you plan to make deposits of 1300 per year with the first payment being made a year from today into a bank account that pays 10 annual interest Your last deposit ...See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started