You need to accumulate $10,000. To do so, you plan to make deposits of $1,600 per year
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You need to accumulate $10,000. To do so, you plan to make deposits of $1,600 per year - with the first payment being made a year from today - into a bank account that pays 6.28% annual interest. Your last deposit will be less than $1,600 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) I got 6 years
How large will the last deposit be? Round your answer to the nearest cent.
$ I got 930.09
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