What percentage must you deposit to have one m dollar, Microeconomics

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What percentage must you deposit to have one m dollar

Problem

Your salary in year 1 is $30,000. You deposit a fixed percentage at the end of each year in a savings account that earns 6% interest. Your salary increases by 5% per year. What percentage must you deposit to have $1M after 40 years?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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