Assume that you are 30 years old today, and that you are planning on retirement at age 62. Your current salary is $14,000 and you expect your salary to increase at a rate of 5% per year as long as you work. To save for your retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 33st birthday and will be 6% of this year's salary. Likewise, you expect to deposit 8% of your salary each year until you reach age 62. Assume that the rate of interest is 7%.

The present value (at age 62) of your retirement savings is closets to