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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 deposit $7,500
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 (t = 0). If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now? 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 (t = 0). 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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