You have 30 years left until retirement and want to retire with $2.5 million. Your salary is
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You have 30 years left until retirement and want to retire with $2.5 million. Your salary is paid annually and you will receive $85,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a return of 9.7 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?
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We need to find the first payment into the retirement account The present va...View the full answer
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Related Book For 
Corporate Finance Core Principles And Applications
ISBN: 9781260571127
6th Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
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