You want to begin saving for your retirement. You plan to contribute $12,000 to the account at the end of this year. You anticipate you will be able to increase your annual contributions by 3% each year for the first 5 years (5 total payments). You will then get a promotion and increase all future payments by 5%. you will do this for the next 40 years. Your annual return will be 8%. How much money will you have when you retire?

Please show all steps and calculations. Thank you.