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1) Assume that your parents wanted to have $150,000 saved for college by your 18th birthday and they started saving on your first birthday. They

1) Assume that your parents wanted to have $150,000 saved for college by your 18th birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned 12.0% per year on their investments.

a. How much would they have to save each year to reach theirgoal?

b. If they think you will take five years instead of four to graduate and decide to have

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