View the step-by-step solution to: You want to go to grad school 3 years from now, and you can save

You want to go to grad school 3 years fr...
You want to go to grad school 3 years from now, and you can save $5,000 per year, beginning one year from today. You plan to deposit the funds in a mutual fund which you expect to return 9% per year. Under these conditions, how much will you have just after you make the 3rd deposit, 3 years from now?

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