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 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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  • CreatedNovember 24, 2014
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