Reaching Financial Goal

Reaching Financial Goal

You need to accumulate $10,000. To do so, you plan to make deposits of $1250 per year:with the first payment being made a year from today:into a bank account
that pays 12% annual interest. Your last deposit will be less than $1250 if less is needed to round out to $10,000. How many years will it take to reach your
$10,000 goal, and how large will the last deposit be?

Reaching Financial Goal

 

And can you explain to me how you got the answer even if it is via a calculater or excel (preferred) because I know the answer but I just need to know how you
get it.

 

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