How large will your last payment be

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Reference no: EM131579694

Six years from today you need $10,000. You plan to deposit $1, 400 annually, with the first payment to be made a year from today, in an account that pays 10% effective annual rate. Your last deposit, Which will occur at the end of Year 6, will he for less than $1, 400 if less is needed to reach $10,000. How large will your last payment be? Round your answer to the nearest cent. $ ___________

Reference no: EM131579694

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