You need to accumulate $10,000. To do so, you plan to make deposits of $1,250 per year,
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You need to accumulate $10,000. To do so, you plan to make deposits of $1,250 per year, with the first payment being made a year from today, in a bank account that pays 12 percent annual interest. Your last deposit will be less than $1,250 if less 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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Related Book For
Financial management theory and practice
ISBN: 9780324422696
12th Edition
Authors: Eugene F. Brigham and Michael C. Ehrhardt
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