Reaching a Financial Goal
You need to accumulate $10,000. To do so, you plan to make deposits of $1,600 per year – with the first payment being made a year from today – into a bank account that pays 7.45% annual interest. Your last deposit will be less than $1,600 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number.
How large will the last deposit be? Round your answer to the nearest cent.