Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. reaching a financial goal you need to accumulate \

Reaching a Financial Goal You need to accumulate \\( \\$ 10,000 \\). To do so,...

90.2K

Verified Solution

Question

Finance

image
Reaching a Financial Goal You need to accumulate \\( \\$ 10,000 \\). To do so, you plan to make deposits of \\( \\$ 1,350 \\) per year - with the first payment being made a year from today - into a bank account that pays \11 annual interest. Your last deposit will be less than \\( \\$ 1,350 \\) 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. year(s) How large will the last deposit be? Do not round intermediate calculations. Round your answer to the nearest cent

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

2 Perform the addition or subtraction and write the result in standard form 191 15...

Accounting
1.2K views

The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased...

Basic Math
1.2K views

Question 5 Find all solutions of this system. 4x + 2y + 3z = 0 3x y...

Physics
1.2K views

120 Wggo e as od 50 550 od as 58s 500 550 5g esso de...

Geometry
1.2K views

0 A trapezoid is a quadrilateral with exactly one pair of parallel sides In an...

Basic Math
1.2K views

10 If a thermometer indicates 40 degrees Celsius what s the temperature in degrees Fahrenheit...

Basic Math
1.2K views

Which of the following statements is incorrect?An alternate hypothesis always states difference.An alternate hypothesis always...

Algebra
1.2K views

Multiply and Simplify 2 6 5 Do not use a calculator

Accounting
1.2K views

Assignment Questions Q 1. Maria has a few chickens in her backyard to sell eggs...

Accounting
1.2K views

Problem 5-50 Interpretation of Regression Results: Multiple Choice (LO 5-5) The...

Accounting
1.2K views

Youth Athletic Services (YAS) provides adult supervision for organized youth athletics. It has a president,...

Accounting
1.2K views

Determine the average rate of return for a project that is estimated to yield total...