Question: Problem 2 : A father places ( 8 % ) of this salary each year into a stock fund for his son

Problem 2:
A father places \(8\%\) of this salary each year into a stock fund for his son college fees after 15 years. His salary this year (end of year 1) is \(\$ 160,000\) and he expects his salary to increese by \(2\%\) each year, what will be the future worth of his fund when it is time for his son to enter college given that the stock fund interest rate is \(7\%\)?
Problem 2: A father places \(8\%\) of this salary each year

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