Solution-How much would they have to save each year

How much would they have to save each year

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Reference no: EM13548881

Assume that your parents wanted to have $160,000 saved for college by your eighteenth birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned 8% 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 $200,000 saved just in case, how much more would they have to save each year to reach their new goal?

Reference no: EM13548881

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How much would they have to save each year

Reference no: EM13548881

Reference no: EM13548881

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