Shortly after completing his MS degree in engineering, Jerry Dechert wanted to initiate a retirement plan. He decided to use a 15 percent mix of blue chip individual stocks, 50 percent mutual funds, 20 percent municipal bonds, and 15 percent CDs, investing 10 percent of his gross income using a payroll deduction plan (he correctly reasoned that if the money was never in his pocket, he would never miss it). Although he invests new money on a monthly basis, he treats all inflows and outflows as if they occurred at the end of the year. Jerry anticipates earnings of 7.5 percent per year. Starting at a salary of $60,000 and estimating annual increases of 6 percent over a 40-year working career, how much money can Jerry expect to have in the fund at that time?