A person aged 25 will contribute 5% of his annual earnings to a pension plan.Suppose he is currently earning $60,000 per year and will get an annual raise of 3%.He is expecting to retire in 40-years at age 65.If the interest rate is j₁ = 7%,how much will he have accumulated at age 65? (Assume salary is paid in one lump sum at the end of each year.Answer to nearest dollar. )

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The Answer of A person aged 25 will contribute 5% of his annual earnings to a pension plan.Suppose he is currently earning $60,000 per year and will get an annual raise of 3%.He is expecting to retire in 40-years at age 65.If the interest rate is j₁ = 7%,how much will he have accumulated at age 65? (Assume salary is paid in one lump sum at the end of each year.Answer to nearest dollar. )

A Person Aged 25 Will Contribute 5% of His Annual