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Robert Blandings employer offers its workers an optional two-month unpaid vacation after 6 years of service to the firm. Robert, who just started working for
Robert Blandings employer offers its workers an optional two-month unpaid vacation after 6 years of service to the firm. Robert, who just started working for the firm, plans to spend his vacation touring Europe at an estimated cost of $24,000. To finance his trip, Robert plans to make an annual deposit of $2,000 into a savings account at the end of each of the next six years (the first deposit will occur one year from today). The account pays 9% annual interest. What will Roberts account balance in six years?
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