You need to accumulate $10,000. To do so, you plan to make a deposits of $1,250 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 $1,250 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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