The start-up firm you founded is trying to save $10,000
Question # 00532395
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Updated on: 05/23/2017 06:35 AM Due on: 05/23/2017
The start-up firm you founded is trying to save $10,000 in order to buy a parcel of land for a proposed small warehouse expansion. In order to do so, your finance manager is authorized to make deposits of $1250 per year into the company account that is paying 12% annual interest. The last deposit will be less than $1250 if less is needed to reach $10,000.
Ø How many years will it take to reach the $10,000 goal and how large will the last deposit be?
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Rating:
/5
Solution: The start-up firm you founded is trying to save $10,000