A young engineers starting salary is 55000 the engineer, Microeconomics

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A young engineers starting salary is 55000 the engineer

Question: A young engineer's starting salary is $55,000. The engineer expects annual raises of 2%. The engineer will deposit a constant percentage of the annual salary at the end of each year in a savings account that earns 5%. What percentage must be saved so that there will be $1 million in savings for retirement after 40 years?

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