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Your last deposit which will occur at the end of year 6

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Six years from today you need $10,000. You plan to deposit $1,600 annually, with the first payment to be made a year from today, in an account that pays a 7% effective annual rate. Your last deposit, which will occur at the end of Year 6, will be for less than $1,600 if less is needed to reach $10,000 in 6 years. How large will your last payment be? Round your answer to the nearest cent.

Reference no: EM13479334

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