Fred wants to set aside a fixed percentage of his salary to buy a new car at the end of five years from now. The car costs $15,000 now, and its price is expected to increase at the inflation rate of 3% per year. His first deposit will be made one year from now and his present salary of $40,000 will be paid out at the end of the present year. Subsequently, he expects his salary to increase at the rate of 6% per year. If he earns 8.5% per year on his savings, what fixed percentage of his gross salary must be saved each year? Solve using actual dollar analysis.