Question
Alex is planning to work at Aramex for 14 years, with an expected annual salary of $15,000. After that, he is planning to open his
Alex is planning to work at Aramex for 14 years, with an expected annual salary of $15,000. After that, he is planning to open his own business. Alex is expecting to save and deposit 30% of his salary at the end of each year for the first 6 years (Year 1 to Year 6) and 20% of his salary at the end of each year for the following 8 years (Year 7 to Year 14). Furthermore, Alex will receive today a gift of $18,000 from his friend which will be deposited immediately. If the bank account earns 12%, how much will Alex has when he starts his own business 14 years from now? (In $)
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