Answer: 7,486,648.57

Suppose you have just graduated from MTU and are setting up your benefits package for your first job. You decide that you will contribute $6,000 to your retirement account at the end of your first year on the job and will increase that contribution by $1,200 each year afterwards until you retire. You anticipate that you will retire in 40 years. How much money will be in your account just after you retire if your account is expected to earn 10% per year, compounded annually? (Assume that you retire at the end of the 40th year and make a contribution to your retirement account at the end of the 40th year)