question

"You plan to start saving for your retirement by depositing $9,808 exactly one year from now. Each year you intend to increase your retirement deposit by 1%. You plan on retiring 29 years from now, and you will receive 6% interest compounded annually. How much will you have in your retirement account at the end of 29 years if you follow this strategy (i.e., make your 29 annual deposits)? This type of cash flow is called a geometric gradient. The formula to calculate the present worth of a geometric gradient is found in Table 3.6 in the textbook."