Q2. Planning for retirement You are only 24 years old but wise enough to know that life passes fast, and you are thinking about life after work. As a UNT graduate, you estimate that your starting gross salary will be about $70.000. This salary is likely to grow at 2% per year (in nominal terms, including inflation) until your retirement at the age of 65 (you will work and save during 40 years). You will be paying about 30% in taxes. You think that you should need about $2,000,000 in savings when you retire. You will start working next year, at the age of 25 . You are planning to save and to invest some money every month. You estimate that the average after-tax return on the savings will be 8%. You will start saving next year. Question: You wonder how much to save every month (as a percentage of your salary) to have $2,000,000 at the age of 65. Note: to receive partial credit you need to show your work