Salary each year in the mutual fund

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Joe's starting salary as a mechanical engineer is around $80,000. Joe is planning to place a total of 10% of his salary each year in the mutual fund. Joe expects 5% salary increase each year for the next 30 years of employment. If the mutual fund will average 7% annual return over the course of his career what can Joe expect at retirement?

Reference no: EM131005256

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