Determine fixed percentage to balance to reach given value


Jose is 25 years old. His present annual salary is $28,000 over next twenty years, he expects the salary to increase continuously at the rate of 1% per year. He sets up the fund paying 6% annual interest, compounded continuously, with the initial deposit $2500 and promise to deposit fixed percentage of annual income each year. Determine that fixed percentage if Jose wishes his balance to reach $50,000 at end of the twenty-year period.

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Microeconomics: Determine fixed percentage to balance to reach given value
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