HELLO PLEASE SHOW ALL STEPS AND WORK. IF THERE IS A FORMULA PLEASE INCLUDE IT. PLEASE NO HANDWRITING, PRINT CLEARLY. I WILL GIVE THUMBS UP FOR HELP. THANK YOU.

Suppose that in a certain defined benefit pension plan,

1. Employees work for 45 years earning wages that increase at a real rate of 2%.
2. They retire with a pension equal to 70% of their final salary. This pension increases at the rate of inflation minus 1%.
3. The pension is received for 18 years.
4. The pension plan's income is invested in bonds that earn the inflation rate plus 1.5%. Estimate the percentage of an employee's salary that must be contributed to the pension plan if it is to remain solvent. (Hint: Do all calculations in real rather than nominal dollars.)