Chan is now 30 years old and makes $500,000 a year. She expects her income to increase by 3 percent each year. She wants to accumulate $6 million by the time she reaches age 70. She will make her first deposit on her 31st birthday and the last deposit on her 70th birthday. What fraction of her income (in percent) does she need to set aside? Assume her retirement funds are conservatively invested at an expected rate of return of 4 percent a year. Ignore taxes.