After Graduation, You Plan to Work for Dynamo Corporation for 12

question 158

Multiple Choice

After graduation, you plan to work for Dynamo Corporation for 12 years and then start your own business.You expect to save and deposit $7,500 a year for the first 6 years The first deposit will be made a year from today.In addition, your grandfather just gave you a $25,000 graduation gift which you will deposit immediately If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?

• A)$238,176
• B)$250,712
• C)$263,907
• D)$277,797
• E)$291,687

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