Larry Brin, a 22 year-old and newly hired information technologist decides to invest $4,500 (10% of his annual salary) in a mutual fund earning 7% per year. He will continue to make annual deposits until he retires at age 62 (i.e., 40 years after he started his job). He expects his salary to increase by an average of 4% each year during this time. How much money will Larry have accumulated in his mutual fund when he retires?
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