1. Saving for Your Start-Up. A Kogod graduate student has developed a financial plan 10 which is meant to provide enough money at the end of his graduate work (5 years) to open a business of his own. His plan consists in depositing USD 8,000 per year into an account paying 10% annually. Everything is proceeding according to plan except that at the end of the third year he withdrew USD 5,000 to take a Caribbean cruise, at the end of the fourth year he withdrew USD 5,000 to buy a used car and at the end of the fifth year he had to withdraw USD 5,000 for his research. What will be the balance of his account at the end of the fifth year?