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What percentage of her salary must Brittany sacrifice into superannuation in order to accumulate $789,650 in nominal terms in 10 years?

Brittany is a pilot who likes precision in everything she does. Brittany is 50 years old and wants to retire in 10 years. She has been doing some reading about retirement incomes. At age 60 Brittany has calculated that she would require $587,574 to afford the type of income stream she desires in retirement. However, Brittany is 50 years old, not 60 - she has 10 years to accumulate this amount. Brittany also knows that inflation over the next 10 years will mean that she will need to accumulate more than $587,574. Brittany has worked out that $789,650 received 10 years from today has the same value as $587,574 today assuming an inflation rate of 3% per annum. As her financial adviser, you explain that the broad scope of the assumptions which underpin such modelling means that such precision is very difficult to achieve. Nonetheless, any plan is better than no plan even if it is necessary to come back to the plan from time to time and adjust the assumption. Brittany wants you to build a model which accumulates a nominal $789,650 in superannuation over the next 10 years. She has supplied you with the following information and assumptions. - Her opening superannuation balance is $367,923 - Her income is $70,000 per annum and will grow in nominal terms by 4% per year. - Her investment choice inside her fund is expected to earn 6% nominal returns p.a. after fees before taxes. - Her employer contributes an amount equal to 9.5% of her income to superannuation. To make the modelling simpler, you will model in calendar years and assume that contributions are made in December each year so that they do not attract investment earnings in the current year. The missing variable is the percentage of salary sacrificed into superannuation. Brittany is happy to sacrifice as much as possible to achieve her goal provided she stays within her concessional contribution limit. Brittany uses spread sheets a lot in her work and has found the GOALSEEK function very useful in trying to solve problems like this. Construct a model and answer the following questions. Required a) What percentage of her salary must Brittany sacrifice into superannuation in order to accumulate $789,650 in nominal terms in 10 years