Question
YOU NEED TO ACCUMULATE $10,000. TO DO SO, YOU PLAN TO MAKE DEPOSITS OF $1,750 PER YEAR, WITH THE FIRST PAYMENT BEING MADE ONE YEAR
YOU NEED TO ACCUMULATE $10,000. TO DO SO, YOU PLAN TO MAKE DEPOSITS OF $1,750 PER YEAR, WITH THE FIRST PAYMENT BEING MADE ONE YEAR FROM TODAY, IN A BANK ACCOUNT THAT PAYS 6 PERCENT ANNUAL INTEREST. YOUR LAST DEPOSIT WILL BE MORE THAN $1,750 IF MORE IS NEEDED TO ROUND OUT TO $10,000. HOW MANY YEARS WILL IT TAKE YOU TO REACH YOUR $10,000 GOAL, AND HOW LARGE WILL THE LAST DEPOSIT BE?
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Financial Markets and Institutions
Authors: Jeff Madura
11th Edition
1133947875, 9781305143005, 1305143000, 978-1133947875
