Question: In a defined contribution plan: The rate of salary function is sbar y = 1.025^y . A person enters the plan at age 30, and

In a defined contribution plan: The rate of salary function is sbar y = 1.025^y . A person enters the plan at age 30, and earned 50,000 in the previous year. Contributions are 10% of salary and are made in the middle of the year, based on the salary rate at the contribution time. The fund grows at 6% per year. Ignore mortality and other decrements. Calculate the accumulated value of the fund at age 60.

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