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How many years will take to reach dollar ten-thousand goal

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You need to accumulate $10,000. To do so, you plan to make deposits of $1,550 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 $1,550 if less is needed to round out to $10,000.

Question 1: How many years will it take you to reach your $10,000 goal? Do not round intermediate calculations. Round your answer up to the nearest whole number.

Question 2: How large will the last deposit be?

Reference no: EM132992247

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