FV= $254,887.23
Explanation:
We will include the growth in the salary in the interest rate.
I assume an interest rate of 5%
Interest rate (i)= 0.05 + 0.03= 0.08
Number of periods (n)= 30 years
Annual deposit (A)= $45,000*0.05= $2,250
To calculate the future value (FV), we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {2,250*[(1.08^30) - 1]} / 0.08
FV= $254,887.23