Chris is 30 and wants to plan for retirement. He makes 70000 p.a and expects a raise of 3% p.a. for the next 5 years. After the fifth year he will get a raise of 30%. Thereafter he expects a pay raise of 3% p.a until he retires. He will save 5% of his salary the first 5 yrs then will save 7% of his salary for 15 yrs. Then he can save 20% salary each year. He saves in a RRSP there is no tax on the 4%interest he earns on savings all savings are at the end of the year. How much will he have saved at 55.