Tasha Jones, a 21-year-old and newly-hired civil engineer, does not plan to keep close tabs on how her 401(k) retirement account's balance will change over time. Instead, she plans to make a reasonable annual contribution that grows each year. Tasha’s contribution, plus her employer matching her contribution, amounts to $4,000 per year which started when she was hired. Thanks to pay raises, Tasha expects the contribution to increase by 2.5% each year until she retires at the age of 67. What is the compounded future value of Susan’s 401(k) plan at retirement if it earns 7% per year? Express your answer in terms of dollars, rounded to the nearest dollar.

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To calculate the compounded future value of Tashas 401k plan at retirement we can ... View the full answer