You have determined that you will need at least 3 million in private pension savings when you entire in 45 years. You plan to set aside a series of payments every year in an account yielding 8% per year to reach this goal. you will put the first payment in the account one year from today.

Question: Assume now that your first payment would be 8000 and that the payments would increase with 4 % per year as your salary increases. What would be the new balance in your pension account after 45 years?