You Want to Quit Your Job and Return to School

question 150

Multiple Choice

You want to quit your job and return to school for an MBA degree 3 years from now,and you plan to save $7,000 per year,beginning immediately.You will make 3 deposits in an account that pays 5.2% interest.Under these assumptions,how much will you have 3 years from today?

• A)$20,993
• B)$22,098
• C)$23,261
• D)$24,424
• E)$25,645

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Definitions:

Accounting Equation

The accounting equation is a fundamental principle of accounting that represents the relationship between an entity's assets, liabilities, and equity (Assets = Liabilities + Equity).