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How large will the last deposit be

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Question - You need to accumulate $10,000. To do so, you plan to make deposits of $1,500 per year - with the first payment being made a year from today - into a bank account that pays 6% annual interest. Your last deposit will be less than $1,500 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. How large will the last deposit be? Do not round intermediate calculations.

Reference no: EM133045612

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