Example: Growing Annuity xample 11: Ellen just turned 35 years old and she is planning for retirement by saving some money every year. She will save $10,000 in a year. She will be able to increase her savings by 5% per year. With this plan, if she earns 10% per year on her savings, how much will Ellen have saved at age 65? First solve for PV of growing annuity by using Eq. 4.8, and then find the FV