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Amy Parker, a 22 year-old and newly hired Naval Architect, is quick to admit that she does not plan to keep close tabs on how

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Amy Parker, a 22 year-old and newly hired Naval Architect, is quick to admit that she does not plan to keep close tabs on how her 401 (k) retirement plan will grow with time. This sort of thing does not interest her after her taking Engineering Economics in college. Amy?s contribution, plus that of her employer, amounts to $2,200 per year starting at age 23. Amy expects this amount will increase by $50 each year until she retires at the age of 62 (there will be 40 ?OY payments). What is the compound future value of Amy?s 401 (k) plan if it earns 7% per year. A) Draw the proper diagram for this cash flow. (5 points) ,g. B) State the equations necessary to solve this problem. (10 points) C) Solve the problem. (10 points)

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