$.$ You graduate from the University on your $25$th birthday and you immediately find a job with a starting salary of $$80,000$ per year. Your employment contract calls for salary increases of $5\%$ per year. You decide to put away $10\%$ of your annual salary for your retirement, via endofyear deposits. If you retire on your $65$th birthday $($making your first deposit on your $26$th birthday and your last deposit on your $65$th birthday$)$ and the interest rate is $7\%$ p$.$a$.,$ how much will you have saved when you retire?

See if you can figure out how to tackle this problem without help. Only read the following paragraph $($overleaf$)$ if you arent sure how to begin.

$($Hint: If you are depositing $10\%$ of your salary, and your salary is growing at $5\%$ per year, your deposits will grow at $5\%$ per year. Also, since we only have the formula for the present value of a growing annuity, you need to calculate the present value of the annuity and then treat this number as a single cash flow to work out the future value.$)$