6. (4pts) An employee currently is aged 40 (at the beginning of year), earns $50,000 per year, and expects to receive $1,000 annual raises at the end of each year unti decides to contribute 4% of annual salary at the beginning of each year for 25 years into a retirement plan. How much will be available for retirement at age 65 if the fund can cam a 3% effective rate of interest per year? (Answer: $90,843.47)