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You need to accumulate $10,000. To do so, you plan to make deposits of $1,750 per year, with the first payment being made a year from today, in a bank account which pays 6 percent annual interest. Your last deposit will be less than $1,750 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal, and how large will the last deposit be?

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Financial Management, Finance

Category:- Financial Management
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