You have just completed your bachelors degree and will start working immediately. You decide to start your MBA degree 3 years from now. You can save $7,500 per year, beginning one year from today. You deposit the funds in a mutual fund that will return 8% per year. How much money will you have in three years when you are ready to begin an MBA?

SHOW ALL THE STEPS. THE FORMULA IS: P X [(interest rate)^n-1] / rate