Eric is a member of a pension plan. Each year he contributes 8% of his $70,000 salary to his pension plan and his employer matches 50% of his contribution. Eric's pension plan is worth $40,000 and is currently earning 5%. Eric has always made the maximum contribution to his pension plan in January of each year. Assuming all of these factors remain unchanged, what will be the value of his RRSP in 20 years time?