You just graduated this year and you plan to work for the next 12 years...
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Finance
You just graduated this year and you plan to work for the next 12 years to save some money and start your own business afterwards. In the first 6 years, you expect to save $8,000 a year. In the subsequent 6 years, you expect to get a promotion and make more money, so you can save $16,000 a year. All yearly deposit at made at the beginning of the year. In addition, your grandfather just gave you $25,000 as graduation gift, which you deposit to your bank account immediately. If the account earns 10% interest per year, how much will you have when you start your business 12 years from now?
You must show all calculation steps, providing a final answer only will not get you full marks.
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