You are 20 years old today. When you turn 62, you want to retire. Starting on your 62^nd birthday you want to receive funds from a growing annuity; the first payment would be $60,000 and grow at a rate of 5% per year for a total of 35 payments (including the first one). Your plan is to start saving for this plan on your 24^th birthday; your first deposit would be $6,386.27 and would stay constant for a total of 25 deposits. On your 55^th birthday, you calculate the amount of your compounded savings have and need to determine whether you have enough saving or not. On that 55^th birthday, how much are you over funded (and can take money out and still have enough in the account to fund your planned annuity!)? Assume a discount rate (or rate of return) of 8% for all periods.

What is the present value of a growing annuity with the following attributes: 

annual payment - $14,559.98 

Discount rate - 10% 

Growth rate - 3% 

number of years - 28