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Reaching a Financial Goal
You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year - with the first payment being made a year from today - into a bank account that pays 11% annual interest. Your last deposit will be less than $1,100 if less is needed to round out to $10,000.
Question 1: How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. Round answer up to the nearest whole number year(s)
Question 2: How large will the last deposit be? Do not round intermediate calculations. Round answer to the nearest cent.
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This individual assignment is based on the TerraCycle Inc.
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