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You need to accumulate $10,000. To do so, you plan to make deposits of $1,400 per...

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Finance

You need to accumulate $10,000. To do so, you plan to makedeposits of $1,400 per year - with the first payment being made ayear from today - into a bank account that pays 11% annualinterest. Your last deposit will be less than $1,400 if less isneeded to round out to $10,000. How many years will it take you toreach your $10,000 goal? Do not round intermediate calculations.Round your answer up to the nearest whole number.

Answer & Explanation Solved by verified expert
4.0 Ratings (685 Votes)
Annual Deposits 1400 Interest Rate 11 Target Future Value FV 10000 Let the required number of years be n Therefore 1400 x 111n1 1400 x 111n2 1400 10000 1400    See Answer
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