You need to accumulate 10000 to do so you plan to make

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Reference no: EM13616061

You need to accumulate $10,000. To do so, you plan to make deposits of $1250 per year-with the first payment being made a year from today-into a bank account that pays 12% annual interest. Your last deposit will be less than $1250 if less is needed to round out to $10,000. How many years will it take to reach your $10,000 goal, and how large will the last deposit be?

And can you explain to me how you got the answer even if it is via a calculater or excel (preferred) because I know the answer but I just need to know how you get it.

Reference no: EM13616061

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