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

question 20

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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 and $15,000 annually for the following 6 years,with the first deposit being 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?


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