You have 30 years left until retirement and want to retire with $1.2 million. Your salary is paid annually, and you will receive $62,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a return of 9 percent 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))

Percentage of salary

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