Question:

Growing Annuity Your job pays you only once a year for all the work you did over the previous 12 months. Today, 31 December, you just received your salary of 100,000, and plan to spend all of it. However, you have also decided to join the companys employee pension scheme. Under the very generous scheme, your company contributes 2 for every 1 that you pay into the pension. You have decided that one year from today you will begin paying 2 per cent of your annual salary into the pension in which you are guaranteed to earn 8 per cent per year. Your salary will increase at 4 per cent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?

Please proper explain and do not copy from Chegg. Otherwise, I have to report the answer.