Your employer automatically puts 5 percent of your salary into a 401 (k) retirement account each year. The account earns 7% interest. Suppose you just got the job, your starting salary is $60000, and...

Extracted text: Your employer automatically puts 5 percent of your salary into a 401 (k) retirement account each year. The account earns 7% interest. Suppose you just got the job, your starting salary is $60000, and you expect to receive a 2.5% raise each year. For simplicity, assume that interest earned and your raises are given as nominal rates and compound continuously. Find the value of your retirement account after 25 years Value = $