題組內容

1. Mike is 35 years of age and his salary next year will be $75,000. Mike forecasts that his salary will increase at a steady rate at 5% per annum until his retirement at 55. (本題共 15 分)

(2) If Mike saves \( 5\% \) of his salary each year and invests these savings at the interest rate of \( 5\% \), how much will he have saved by age 55?