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Attached is the question---it is an advanced corporate finance question You have 25 years left until retirement and want to retire with $3 million. Your
Attached is the question---it is an advanced corporate finance question
You have 25 years left until retirement and want to retire with $3 million. Your salary is paid annually, and you will receive $80,000 at the end of the current year. Your salary will increase at 4 percent per year, and you can earn a return of 10 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. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Percentage of salary %Step by Step Solution
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