Assume that you are 30 years old today, and that you are planning on retirement at age 65.

Your current salary is $52,000 and you expect your salary to increase at a rate of 3% per

year as long as you work. To save for your retirement, you plan on contributing 8% of your

salary to a retirement account every year, starting on your 31st birthday. If the expected

return is 10%, how much will you have in your retirement account after the last

contribution on your 65th birthday?