Steve has just been hired and asked to complete his retirement benefits package. His company is willing to meet his cont

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Steve has just been hired and asked to complete his retirement
benefits package. His company is willing to meet his contribution
every year (e.g. if Steve decides to invest 5% of his salary at the
end of every year into his retirement fund, his employer
contributes with additional 5%, hence Steve's retirement plan is
financed with an annual amount equal to 10% of his salary) and the
retirement fund guarantees an annual yield of 8%. For simplicity
purposes assume that Steve will have the same annual salary of
95,556 dollars for the next 28 years and then retires (assume that
there is nothing else to consider, e.g. taxes). If George's goal is
to have $3.5 million upon retirement, which PERCENTAGE of his
income should he save every year? (tip: the question is asking for
George's contribution, not the combined contribution of George and
his employer)