Question: A 5 0 - year - old engineer planning for retirement places 1 4 % of his salary each year into a high - yield

A 50-year-old engineer planning for retirement places 14% of his salary each year into a high-yield bond fund. If his salary this year (end of year 1) is $103,000 and he expects his salary to increase by 3% each year, determine the future worth of the retirement fund after 15 years, provided it earns 7% per year.
The future worth is $
A 50-year-old engineer planning for retirement places 14% of his salary

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