You have 36 years left until retirement and want to retire

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You have 36 years left until retirement and want to retire with $4.9 million. Your salary is paid annually, and you will receive $78,000 at the end of the current year. Your salary will increase at 4.6 percent per year, and you can earn a 12.6 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?

Reference no: EM13618991

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