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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Like this variation of the problem! :)

We calculate the future value of the 6 annual deposits of $1500 at 8%:
F=1500(1.08^6-1)/(0.08)=11003.89
Since the last payment is due on the day of withdrawal, he would have paid $1500 to get back $11003.89, i.e. with an excess of 1003.89.
Therefore his last payment is 1500-1003.89=$496.11

V=19.9*(0.9144m)^3=15,2146416738816 m^3

On their farm, Adam’s family maintains a storage that can hold 18.0 cubic yards (yd3) of grain. Use the fact that 1 yard is approximately equal to 0.9144 m to convert this volume to m3. Round your answer to the nearest hundredth. Do not type the units in the space below.  

Step-by-step explanation:  

1 yard =0.9144 m  

We will take the 18.0 cubic yards, cross multiply with 0.9144 and then divide the result by one to get  

13.76m3