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After graduation , you plan to work for Dynamo Corporation for 14 years and then start your own business . You expect to save and

After graduation , you plan to work for Dynamo Corporation for 14 years and then start your own business . You expect to save and deposit $ 7,500 a year for the first 7 years and $ 15,000 annually for the following 7 years . 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 .

If the account earns 9 % compounded annually , how much will you have when you start your business 12 years (t = 0) from now ?

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