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How large will the last deposit be

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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-into a bank account that pays 12% 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: EM131360456

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