An employee is paid TL 48000 per year. 5% of his salary will be cut off for retirement. His salary will increase at 6% every year and he will retire after 40 years. The deducted amount (5% of his salary) for retirement will be accumulated in fund with 10% per year. At the end of the 40th year, he will be paid TL 80 000 as a premium. After receiving premium, the amount accumulated in the fund will increase at 8% per year. This amount will be given to the retired employee as a retirement salary for 25 years. This retirement salary will increase 4% per year. Therefore, what is the retirement salary that will be received at the end of the 1st year of retirement?

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