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You have 29 years left until retirement and want to retire with $3.8 million. Your salary is paid annually, and you will receive $56,000 at
You have 29 years left until retirement and want to retire with $3.8 million. Your salary is paid annually, and you will receive $56,000 at the end of the current year. Your salary will increase at 3.3 percent per year, and you can earn a 18.2 percent return 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 and round your final answer to 2 decimal places. (e.g., 32.16)) |
Percent of salary to save | % |
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