Business, 23.02.2021 02:20 issacurlyheadka

Congratulations you have just accepted your first full time position post graduation! Your contract states that you will recieve a bonus each year you meet your goals. The bonus will increase by 9.56% each year. You being an awesome employee expect to meet your goals every year! Give me that bonus! You are trying to save for future expenses (new car, house, boat, baby, etc.) You decide your going to put your bonus in a savings account that earns 4.65% compounded annually. Your first bonus is $513. How much is in the savings account immediatly after the 11th annual deposit? Hint: Use the correct Geometric Gradient Equation to solve for the present value of the savings accout. The account earns 4.65% and the amount deposited increases by 9.56% each period. THEN solve for the future value of the account at the end of the 11th period.

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