You have 25 years left until retirement and want to retire with $1.7 million. Your salary is
paid annually, and you will receive $67,000 at the end of the current year. Your salary will
increase at 4 percent per year, and you can earn a return of 10 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
%