In a defined contribution plan:

(i) The salary scale is sy = (1:025)^y.
(ii) A person enters the plan at age 30, and earned 50,000 in the previous year.
(iii) Contributions are 10% of salary and are made in the middle of the year, based on the salary rate at the contribution time.
(iv) The fund grows at 5% per year.
(v) Ignore mortality and other causes of termination.

Calculate the accumulated value of the fund at age 60.


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