Six years from today you need $10,000. You plan to deposit $1,400 annually, with the first payment to be made a year from today, in an account that pays a 9% effective annual rate. Your last deposit, which will occur at the end of Year 6, will be for less than $1,400 if less is needed to reach $10,000. How large will your last payment be? Do not round intermediate calculations. Round your answer to the nearest cent.

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A: Future value=$10000Annual deposit=$1600Interest rate=7%Calculate last deposit.

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A: Annuity is the series of equal cash payments over the period.

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A: Solution:

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A: Given:

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