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skad [1K]
3 years ago
11

Assume that your parents wanted to have $120,000 saved for college by your eighteenth birthday and they started saving on your f

irst birthday. They saved the same amount each year on your birthday and earned 9% per year on their investments.
a. How much would they have to save each year to reach their​ goal?
b. If they think you will take five years instead of four to graduate and decide to have $ 160 comma 000$160,000 saved just in​ case, how much would they have to save each year to reach their new​goal?
Business
1 answer:
Marrrta [24]3 years ago
6 0

Answer:

740.74

Explanation:

you take 120,000 and divide it by 18 years then you divide it by 9%

and b is 987.65

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