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Accelerating personal savings rate is one strategy to help someone save effortlessly. Answer the following questions based on this strategy. Assume that you begin saving
Accelerating personal savings rate is one strategy to help someone save effortlessly. Answer the following questions based on this strategy. Assume that you begin saving 3% of your total income into an employer-provided retirement plan at work. How long will it take for you to be saving at least 18% of your income if your employer provides a 4% wage increase yearly and you save half of each year's increase? (Round answer to 0 decimal place, e.g. 5275.) It will take approximately years to atleast save 18% of your income. Based on your calculations from part a, how much will you be saving (using the end-of-year savings rate) over the next 10 years if you earn $31,000 this year? (Round answer to 0 decimal place, e.g. 5275.) The amount of savings over next 10 years will be $ Accelerating personal savings rate is one strategy to help someone save effortlessly. Answer the following questions based on this strategy. Assume that you begin saving 3% of your total income into an employer-provided retirement plan at work. How long will it take for you to be saving at least 18% of your income if your employer provides a 4% wage increase yearly and you save half of each year's increase? (Round answer to 0 decimal place, e.g. 5275.) It will take approximately years to atleast save 18% of your income. Based on your calculations from part a, how much will you be saving (using the end-of-year savings rate) over the next 10 years if you earn $31,000 this year? (Round answer to 0 decimal place, e.g. 5275.) The amount of savings over next 10 years will be $
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