How large will your last payment be

Reference no: EM13295432

Six years from today you need $10000. You plan to deposit $1500 annually with the first payment to be made a year from today, in an account that pays an 8% effective annual rate. Your laste deposit, which will occur at the end of year 6 will be for less than $1500 if less is needed to reach $10000. How large will your last payment be?

Reference no: EM13295432

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