Assume you will graduate when you are 22 years old, and that you will earn $60,000 in your first job. Assume further that your salary will grow at the rate of 3% per year. If you want to save $1,000,000 by the time you are 65, what percent of your salary do you need to be saving each year? Assume your savings will compound at the rate of 7% per year. Please use excel for your work and show what you did.

Answer rating: 100% (QA)

To solve this problem I will use Excel to calculate the required annual savings rate to achieve a 10... View the full answer