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Problem 1: You need to accumulate $10,000. To do so, you plan to make deposits of $1,500 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 $1,500 if less is needed to round out to $10,000. 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.
Problem 2: How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent.
Financial Statement Analysis and Preparation
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