Annual deposit = $8805
increase in deposit = $214
i = 2.5%
n = 20 years
we will find present worth first and then the future worth for easier calculations.
pw = annual deposit(p/a,i,n) + increase in deposit(p/g,i,n)
pw = 8805(p/a,2.5%,20) + 214(p/g,2.5%,20)
pw = 8805 * 15.5892 + 214 * 135.3497
pw = 137,262.906 + 28,964.8358
pw = 166,227.7418
fw = pw(f/p,i,n)
fw = 166,227.7418 (f/p,2.5%,20)
fw = 166,227.7418 * 1.6386
fw = $ 253,883.8335716
so at the end of 20 years he will have $253,883.8335716
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