You have 35 years left until retirement and want to retire with $2.8 million. Your salary is paid annually, and you will receive $78,000 at the end of the current year. Your salary will increase at 2 percent per year, and you can earn a return of 8 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?

You have 35 years left until retirement and want to retire with $2.8 million. Your salary is paid annually, and you will receive $78,000 at the end of the current year. Your salary will increase at 2 percent per year, and you can earn a return of 8 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 enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Percentage of salary