Assume that your parents wanted to have $$120,000$ saved for university by

your $18$ th birthday and they started saving on your first birthday. They saved

the same amount each year on your birthday and earned $11\mathrm{.}5\%$ 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 $$160,000$ saved, just in case, how much would they have to save

each year to reach their new goal?

a$.$ To reach the goal of $$120,000,$ the amount they have to save each year is

$$.($Round to the nearest cent.$)$