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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 $1,000 per year - with the first payment being made a year from today - into a bank account that pays 13% annual interest. Your last deposit will be less than $1,000 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent.

Reference no: EM133071687

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