Question: You need to accumulate $ 1 0 , 0 0 0 . To do so , you plan to make deposits of $ 1 ,

You need to accumulate $10,000. To do so, you plan to make deposits of $1,200 per year - with the first payment being made a year from today - into a bank account that pays 8% annual interest. Your last deposit will be less than $1,200 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. Round your answer up to the nearest whole number.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!