A $50-$year$-$old engineer planning for retirement places $14\%$ of his salary each year into a high$-$yield bond fund. If his salary this year $($end of year $1)$ is $$103,000$ and he expects his salary to increase by $3\%$ each year, determine the future worth of the retirement fund after $15$ years, provided it earns $7\%$ per year.

The future worth is $