Question: 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

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 8.84% 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? Round your answer up to the nearest whole number. My answer is 7 years.

How large will the last deposit be? Round your answer to the nearest cent.

Principal is $8400 (1200 * 7 years)

Interest is $7791.63 (FV(8.84%,5,-1200) and (FV(8.84%,1,,-7158.79)

Last Deposit is $4991.63

Can someone please verify the work as I think I did not do something correctly?

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