Your monthly salary is $5,000 (i. $60,000 per year). Every year, you expect anannualsalary growth of 5%, the rst adjustment will be made at the end...

Your monthly salary is $5,000 (i.e. $60,000 per year). Every year, you expect anannualsalary growth of 5%, the ±rst adjustment will be made at the end of the year. Your planis to contribute $2,000 to your parents every month, and save the remaining amount. Assumethat interest rate is 8%. What is the amount of money you would have accumulated in 10 years?