You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year - with the first payment being made a year from today - into a bank account that pays 11.82% annual interest. Your last deposit will be less than $1,100 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number.

Explanation:

Using future annuity formula

Fv = Pmt ( (1+r)ⁿ -1 )/ r

 + 1 = (1+r)ⁿ

In ( + 1) = n In ( 1+r)

n =  In ( + 1)  / In ( 1 + r)

FV, future value = $10,000, Pmt, periodic payment per year = $1,100, r rate = 11.82% = 0.1182 and n =  number of years

n = 0.7297 / 0.11172 = 6.53 years approx 7 years

the last year payment will actually be less than $1,100

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.