Problem
A young engineer's starting salary is $55,000. The engineer expects annual raises of 2%. The engineer will deposit 10% of the annual salary at the end of each year in a savings account that earns 5%. How much will the engineer have saved for retirement after 40 years?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.