What percentage of your salary must you save each year

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Reference no: EM132050257

You have 30 years left until retirement and want to retire with $4.0 million. Your salary is paid annually, and you will receive $60,000 at the end of the current year. Your salary will increase at 4.3 percent per year, and you can earn a 12.3 percent return 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 round your final answer to 2 decimal places. (e.g., 32.16))

Reference no: EM132050257

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