Question: Hello. Please show step by step calculation including the percentage and rounding numbers. Problem 4-26 Reaching a Financial Goal You need to accumulate $10,000. To
Hello. Please show step by step calculation including the percentage and rounding numbers.

Problem 4-26 Reaching a Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $1,500 per year - with the first payment being made a year from today - into a bank account that pays 7.85% annual interest. Your last deposit will be less than $1,500 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) How large will the last deposit be? Round your answer to the nearest cent
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
