Calculating Growing Annuities you have 30 years left until retir 1 answer below »

Calculating Growing Annuities you have 30 years left until retirement and want to retire with $1 million. Your salary is paid annually, and you will receive $55,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 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?

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