You plan to work for Strickland Corporation for 12 years after graduation and after that want to start your own business. You expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). The first deposit will be made a year from today. In addition, your grandmother just gave you a $25,000 graduation gift that you will deposit immediately (t = 0). If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now? 

$238,176 

$250,712 

$263,907 

$277,797 

$291,687

Answer rating: 100% (QA)

Savings 7500 for the first 6 years t 1 through t 6 Dep... View the full answer