You have 40 years left until retirement and want to retire with $5 million. Your salary is
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You have 40 years left until retirement and want to retire with $5 million. Your salary is paid annually, and you will receive $50,000 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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Input area Years until retirement 40 Next years salary 50000 Salary growth rate 3 Inves...View the full answer
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Related Book For
Fundamentals of corporate finance
ISBN: 978-0078034633
10th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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