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How large will account balance be in seven years

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Robert Blanding's employer offers its workers an optional two-month unpaid vacation after 7 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 $2,500 into a savings account at the end of each of the next seven years (the first deposit will occur one year from today). The account pays 8% annual interest.

Question a. Will Robert's account balance in seven years be enough to pay for his trip?

Question b. Suppose Robert increases his annual deposit to $2,700. How large will his account balance be in seven years?

Reference no: EM132496893

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