Question
a 25 year old graduate engineer accepts employment at a starting salary of $50,000 per year. The engineer plans to work to age 65. During
a 25 year old graduate engineer accepts employment at a starting salary of $50,000 per year. The engineer plans to work to age 65. During the period of employment, income is expected to increase by a gradient of 200 per year, starting the second year after beginning employment. Upon receiving the first paycheck, it is noted that 7% has been deducted for the Social program. If an interest rate of 8% is used, what is the future worth of the engineer's contribution to the Social Security program during her career?
Help please, all work shown appreciated!
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