Six years from today you need $10,000. you plan to deposit $1,500 annually, with the first payment to be made a year from today, in an account that pays an 8% effective annual rate. your last deposit, which will occur at the end of year 6, will be for less than $1,500 if less is needed to reach $10,000. how large will your last payment be?

Amount of last payment is approximately $497

Given that;

Number of year = 6 year

Annual deposit = $1,500

Annual rate = 8% = 0.08

Find:

Amount of last payment

Computation:

Future value of the 6 annual deposits = 11,003.25

Future value of the 6 annual deposits = $11,003 (Approx.)

Extra payment = 11,003 - 10,000

Extra payment = $1,003

So,

Amount of last payment = 1,500-1,003

Amount of last payment = $497

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