After graduation, you plan to work for Chelmsford Inc. for 12 years and then start your own business. You expect to save and deposit $8,000 a year for the first 6 years (t = 1 through t = 6) and $16,000 annually for the following 6 years (t = 7 through t = 12).The first deposit will be made a year from today. In addition, your grandfather just gave you a $20,000 graduation gift which you will deposit immediately (t = 0). If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?

$252,176

$258,712

$263,418

$277,566

$291,320