. Suppose that you are 30 years old today, and that you are planning on retirement at age 65. Your annual salary currently is $60,000, and you expect your salary to increase at a rate of 3 percent annually as long as you are working. You plan on making annual contributions to a retirement account so you can save up for your retirement. Your first contribution will be made on the day you turn 31 and will be a constant percentage of this year's salary, in addition, you expect to deposit a constant percentage of your salary each year until you reach 65 years old. Assume that the interest rate is 8 percent.

1. You expect to have $240,000 in your retirement account when you retire at age 65. What percentage of your salary must you save each year?

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