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How many years will take to reach nominal goal

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Reference no: EM133004250

Problem 1: You need to raise $10,000. To do so, you plan to deposit $1,250 per year with the first payments made a year starting today-into a bank account that pays 12% annual interest. Your last deposit will be less than the $1,250 it takes to become $10,000. How many years will it take you to reach your $10,000 nominal goal and what was the last deposit amount?

Reference no: EM133004250

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