How large will the last deposit be

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Reference no: EM13280907

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 8.63% annual interest. Your last deposit will be less than $1,100 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.

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

Reference no: EM13280907

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