Ali is 25 years old today and decides to start saving $600/month towards retirement in his 401(k) account starting in the next month. He estimates that he needs to increase his monthly contribution by 0.2% per month to keep up with inflation. Suppose his savings earn 0.65% per month and he accumulates his savings over the next 40 years (or 480 months), increasing his contribution each month by 0.2%. By 2060, when he retires at the age 65, how much retirement savings will he have accumulated? $117,815.50 $3,121,247.80 $2,641,292.29 $28,351.85 O $1,977,127.93