How large will the last deposit be

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Problem

You need to accumulate $10,000. To do so, you plan to make deposits of $1,000 per year - with the first payment being made a year from today - into a bank account that pays 7% annual interest. Get the instant assignment help. Your last deposit will be less than $1,000 if less is needed to round out to $10,000. How large will the last deposit be?

Reference no: EM133925784

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