Jay Coleman Just Graduated University

question 27

Multiple Choice

Jay Coleman just graduated university.He plans to work for five years and then go backpacking through Asia.He figures that he can save $3,500 a year for the first three years and $5,000 a year for the next two years.These savings will start one year from now.In addition,his family gave him a $2,500 graduation gift.If he puts the gift,and the future savings when they start,into an account that pays 7.75% compounded annually,what will his financial "stake" be when he leaves for Asia five years from now? Round off to the nearest $1.

• A)$36,082
• B)$24,725
• C)$30,003
• D)$27,178

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