You have 35 years left until retirement and want to retire with $3.1 million. Your salary is paid annually, and you will receive $42,000 at the end of the current year. Your salary will increase at 4.0 percent per year, and you can earn a 12.0 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?

Percent of salary to save