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You have 40 years left until retirement and want to retire with $4.5 million. Your salary is paid annually, and you will receive $70,000 at the end of the current year. Your salary will increase at 2.5 percent per year, and you can earn a 14.2 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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