Question: A new engineering faculty member begins working on her 28th birthday at an annual salary of $90,000. This is expected to rise by an average

A new engineering faculty member begins working on her 28th birthday

A new engineering faculty member begins working on her 28th birthday at an annual salary of $90,000. This is expected to rise by an average of 2.5% per year. She contributes 12% of her salary into a retirement plan that earns an interest of 3.5% per year compounded annually. Estimate the accumulated amount into this plan at retirement on her 65th birthday. Estimate the uniform annuity (i.e., annual salary) she can afford drawing from this account at retirement starting in her 66th birthday and ending in her 86th birthday

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