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Assume that your parents wanted to have $ 1 6 0 0 0 0 saved for university by your 1 8 th birthday and they
Assume that your parents wanted to have $ saved for university by your th birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned per year on their investments.
aHow much would they have to save each year to reach their goal?
b If they think you will take four years instead of three to graduate and decide to have $ saved just in case, how much would they have to save each year to reach their new goal?
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