Mr. John & Jane Doe, both age 50. Jane is a home-maker. John's current salary is $100,000 and his salary is expected to grow 3% a year. He plans to retire at age 67 and both John & Jane receive Social Security benefits at age 67. Both John and Jane are expected to live until age 97 (i.e., 30 years after retirement).

What is his projected salary at age 67?

Do I take 100,000 x 1.06^17 = 165,284???