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Contributions to a retirement account

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Assume that you are 30 years old? today, and that you are planning on retirement at age 65. Your current salary is $ 55,000 and you expect your salary to increase at a rate of 5?% per year as long as you work. To save for your? retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 31st birthday and will be? 8% of this? year's salary. ? Likewise, you expect to deposit? 8% of your salary each year until you reach age 65. Assume that the rate of interest is 10?%.

Reference no: EM132459907

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