Reaching a Financial Goal 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. 6 year(s) How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $ 1544.4

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...
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Reaching a Financial Goal
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.
6
year(s)
How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest
cent.
$
1544.4
Transcribed Image Text:Reaching a Financial Goal 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. 6 year(s) How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $ 1544.4
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