Question

c) Your parents have been advised to save 5% of their income for your college education, which would include money for housing, tuition, books, and fees. How much would your parents have saved in one year, following the recommended 5%, if they had an average household income of $48,948? Show your work

Answer 1

Answer:

$ 2447.4

Step-by-step explanation:

Given :

They had an average household income of $48,948.

Your parents have been advised to save 5% of their income for your college education

To Find : How much would your parents have saved in one year?

Solution:

They had an average household income of $48,948.

They are advised to save 5% of their income.

So, saving = $5\% \times 48948$

                 = $\frac{5}{100} \times 48948$

                 = $2447.4$

Hence your parents have saved $2447.4 in one year.

Answer 2

In one year they would have saved up $2447.40 for your education
convert 5% into a decimal then divide by 100.

Hope this helped :)