Problem
You are 32 years old and want to retire at age 60. How much would you have in your retirement account when you retire (i.e., what is the t=60 value in the account the moment after you make your final contribution) if you contribute $12,000 next year (i.e., at t=1 when you are 33) and increase your annual contributions by 5% every year after? Assume your account will earn 7% annually.