How large will the last deposit be

Assignment Help Financial Management

Reference no: EM131189299

Reaching a Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $1,350 per year - with the first payment being made a year from today - into a bank account that pays 9.41% annual interest. Your last deposit will be less than $1,350 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal?

Round your answer up to the nearest whole number. ________ year(s)

How large will the last deposit be? Round your answer to the nearest cent. $ ________

Reference no: EM131189299

Questions Cloud

What is strategy : Identify an organisation which would benefit from the application of these ideas and explain how the ideas should be applied.

How many possible outcomes are in the sample space : How many possible outcomes are in the sample space of this experiment?

Cash conversion cycle : Negus Enterprises has an inventory conversion period of 56 days, an average collection period of 38 days, and a payables deferral period of 36 days. Assume that cost of goods sold is 80% of sales. Assume 365 days in year for your calculations. What i..

Why hipaa allows the second scenario and disallows the first : Then indicate why HIPAA allows the second scenario and disallows the first. Finally, propose a way to correct the first scenario so that the results can be shared over the phone with Zameya.

How large will the last deposit be : Reaching a Financial Goal You need to accumulate $10,000. To do so, you plan to make deposits of $1,350 per year - with the first payment being made a year from today - into a bank account that pays 9.41% annual interest. How large will the last depo..

Compare and contrast the various hrm styles and philosophies : Compare and contrast the various HRM styles and philosophies to explain how HRM can contribute to the successful strategic management of a firm. Use evidence from academic literature to support your discussion.

What are their roles and priorities : Submit a paper discussing the following: Who are the critical stakeholders involved in this negotiation? What are their roles and priorities? Explain the role and position of each of the stakeholders and describe how their interests may differ dep..

Cost of trade credit : A large retailer obtains merchandise under the credit terms of 1/10, net 40, but routinely takes 50 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's e..

How can health care get more objective support : Almost every medical or technological advance seems to be accompanied by new and vexing ethical dilemmas. How, in the American system of politics, can health care get more objective support on behalf of consumers?

User Account

All Pages