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Assume that you are 30 years old today, and that you are planning on retirement at age 65. Your current salary is $44,000 and you

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Assume that you are 30 years old today, and that you are planning on retirement at age 65. Your current salary is $44,000 and you expect your salary to increase at a rate of 4% per year as long as you work. To save for your retirement, you plan on making annual contributions to a rebirement account. Your first contribution will be made on your 31 st birthday and will be 8% of this year's salary. Likewise, you expect to deposit 8% of your salary each year until you reach age 65 . Assume that the rate of interest is 7%. The present value (PV) (at age 30 ) of your retirement savings is closest to: A. $51,777 B. $36,984 C. $73,967 D. $81,364

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