You have just turned 30 years​ old, have just received your​ MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. You are required to specify a fixed percentage of your salary that you want to contribute. Assume that your starting salary is $ 72 comma 000 per year and it will grow 2.2 % per year until you retire. Every dollar in the plan earns 7.2 % per year. You cannot make withdrawals until you retire on your​ sixty-fifth birthday. After that​ point, you can make withdrawals as you see fit. You decide that you will plan to live to 100 and work until you turn 65. You estimate that to live comfortably in​ retirement, you will need $ 105 comma 000 per year starting at the end of the first year of retirement and ending on your 100th birthday. What percentage of your income do you need to contribute to the plan every year to fund your retirement​ income?
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Part 1
The fraction of your salary that you should save is -------

enter your response here​%. ​(Round to two decimal​ places.)