Six years from today you need $10,000. You plan to deposit $1,500 annually, with the first payment
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Six years from today you need $10,000. You plan to deposit $1,500 annually, with the first payment to bemade a year from today, in an account that pays a 5% effective annual rate. Your last deposit, which will occur at the end of Year 6, will be for less than $1,500 if less is needed to reach $10,000. How large will your last payment be?
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Ali Khawaja
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Related Book For 
Fundamentals of Financial Management
ISBN: 978-1305635937
Concise 9th Edition
Authors: Eugene F. Brigham
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