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Find how much will have when start business

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Problem 1: After graduation, you plan to work for Aspen Industries for 8 years and then start your own business. You expect to save and deposit $5,000 a year for the first 4 years and $10,000 annually for the following 4 years. The first deposit will be made a year from today. In addition, your grandfather just gave you a $32,000 graduation gift which you will deposit immediately. If the account earns 8% compounded annually, how much will you have when you start your business 8 years from now?

A) $47,000

B) $42,000

C) $15,000

D) 134,943

Reference no: EM132752594

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