A new employee puts 4% of his salary of $65,000 into a retirement account, and his employer matches this, also putting 3% into the account. The money is invested in a diversified stock fund. His...

A new employee puts 4% of his salary of $65,000 into a retirement account, and his employer matches this, also putting 3% into the account. The money is invested in a diversified stock fund. His salary increases 2.5% per year. (a) What is the value of the account after 10 years? (b) What is the value of the employer’s matching funds? (c) How much will be in the account after 40 years?