Case Study Time Value of Money Your job pays you only once a year for all the hard work you did over the previous 12 months. Today on December 31, you just received your first salary of $50,000 and you plan to spend all of it. However you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 5% of your annual salary in an account that will earn 11% per year. Your salary will increase at 4% per year throughout your career. How much money will you have on the date of your retirement 40 years from today? Hint: we TO find the F must first PV the annuity. calculate N PV - c (+) HY C is missing; therefore first you need to identify C In the end you will find the Future value as follows: Y Cler)