Plan to make deposits, You need to accumulate $10,000. To

Plan to make deposits

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Reference no: EM131354473

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 which 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?

Reference no: EM131354473

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Plan to make deposits : 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 which pays 12 percent annual interest. Your last deposit will be less than $1,250 if less i..

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