(1 point) (Exercise 4.32) An employee currently is aged 42. earns $59000 per year, and expects to receive 2% annual raises at the end of each year for the next 23 years. The employee decides to contribute 4% of annual salary at the beginning of each year for the next 23 years into a retirement plan. How much will be available for retirement at age 65 if the fund can earn a 7.5% effective rate of interest? ANSWER = $