Reaching a Financial Goal You need to accumulate dollar 10, 000. To do so, you p
ID: 2730662 • Letter: R
Question
Reaching a Financial Goal You need to accumulate dollar 10, 000. To do so, you plan to make deposits of dollar 1,750 per year - with the first payment being made a year from today - into a bank account that pays 11.29 percentage annual interest. Your last deposit will be less than dollar 1,750 if less is needed to round out to dollar 10, 000. How many years will it take you to reach your dollar 10, 000 goal? Round your answer up to the nearest whole number. year(s) How large will the last deposit be? Round your answer to the nearest cent.Explanation / Answer
Year Installment Amount on which interest is received Rate Interset Total 1 1750 0 11.29% 0.00 1750.00 2 1750 1750 11.29% 197.58 3697.58 3 1750 3697.58 11.29% 417.46 5865.03 4 1750 5865.03 11.29% 662.16 8277.19 5 788.31 8277.19 11.29% 934.50 10000.00 Ans 5 Years Ans $ 788.31
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