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Save a constant percentage of salary

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You have 30 years left until retirement and want to retire with $2.3 million. Your salary is paid annually, and you will receive $73,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a return of 9 percent on the money you invest.

If you save a constant percentage of your salary, what percentage of your salary must you save each year? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM131657549

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