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How many years will take to reach the goal

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The start-up firm you founded is trying to save $10,000 in order to buy a parcel of land for a proposed small warehouse expansion. In order to do so, your finance manager is authorized to make deposits of $1250 per year into the company account that is paying 12% annual interest. The last deposit will be less than $1250 if less is needed to reach $10,000.

Question 1: How many years will it take to reach the $10,000 goal and how large will the last deposit be?

Reference no: EM132518803

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