Roger Waters 22-year-old daughter Kashmir has just accepted a job with Interactive Intelligence Inc. (ININ), an up and coming technology firm from Indianapolis. ININ offers employees a Traditional 401(k) plan to which employees may contribute 5 percent of their salary. ININ will match $0.50 for every dollar contributed. Kashmirs starting salary is $32,000.

1. If Kashmir participates and the 401(k) earns 10% annually, how much will she have accumulated in 45 years (to age 67) even if her salary does not change?