You want to save for retirement. Assuming you are now 30 years old and you want to retire at age 55, you have 25 years to watch your investment grow. You decide to invest in the stock market, which has earned about 11% per year over the past 80 years and is expected to continue at this rate. You decide to invest $1,000 today.

Required: How much do you expect to have in 25 years?