Polin needs to accumulate$10,000. To do so she plans to make deposits of $1250 per year with the first payment being made a year from today in a bank account that pays 12% annually. Her last deposit will be less than $1250 if less is needed to round out to $10,000. How many years will it take you to reach $10,000 goal and how large will the last deposit be?

Polin needs to accumulate$10,000. To do so she plans to make deposits of $1250 per year with the first payment being made a year from today in a bank account that pays 12% annually. Her last deposit will be less than $1250 if less is needed to round out to $10,000. How many years will it take you to reach $10,000 goal and how large will the last deposit be?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

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