Chapter #3: Calculating the Cost of Life's Financial Journey An important takeaway from this chapter is the need to save a portion of every dollar earned. Using an accelerating personal savings rate is one strategy to help someone save effortlessly. Instructions Answer the following questions based on this strategy 1. Assume that you begin saving 3% of your total income in an employer-provided retirement plan at work. How long will it take for you to be saving at least 20% of your income if your employer provides a 4% wage increase yearly and you save half of each year's increase? 2. 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 $30,000 this year