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How much will have when start business seven years

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Question 1: After graduation, you plan to work for Donald's Fashion Co. for 7 years and then start your own business. You expect to save and deposit $ 10,000 a year for the first 3 years (t = 1 through t = 3) and $14,000 annually for the next 4 years (t = 4 through t = 7). The first deposit will be made a year from today. In addition, your grandfather just gave you a $40,000 graduation gift which you will deposit immediately (t = 0). If the account earns 8% compounded annually, how much will you have when you start your business 7 years from now?

Reference no: EM132531307

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