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Use the information for the question(s) below

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Use the information for the question(s) below. Assume that today is your 31st birthday and that you are planning on retirement at age 60. Your current salary is $65,000 and you expect your salary to increase at a rate of 5% per year as long as you work. To save for your retirement, you plan on making annual contributions to a retirement account on every birthday up to and including your 60th birthday. Your first contribution will be made today (on your 31st birthday) and will be 7% of your current salary. Likewise, you expect to deposit 7% of your salary each year until you reach age 60. Assume that the rate of interest is 9% APR with annual compounding. The future value (FV) at retirement (on your 60th birthday) of your savings is closest to: $709,198 $620,199 $452,257 $1,017,577 $895,448