How much money will you have in account after five years

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Your dream job is to go to Maui and open a jet ski business. You have saved up $100,000 so far, and plan to work for the next 5 years to save more before leaving for Maui. You plan to deposit the initial $100,000 (that you have today) into an account that will earn 6% interest compounded quarterly. You also plan to deposit $12,000 into the same account every year for the next 5 years, with first payment starting next year (5 payments total). How much money will you have in this account after 5 years? Round to the nearest dollar.

Reference no: EM131989875

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