Assume that your parents wanted to have $120,000 saved for college by your 16 th bithday and they started saving on your first birthday They saved the same amount each year on your birthday and eamed 11.0% per yoar on their investments. a. How much would they have to stive oach yoar to reach their goal? b. If they think you will take five years instood of four to graduase and decide to have $160.000 saved just in case, how much would they have to savo oach year to reach ther new goar? a. How much would they have to sime each year to reach their goal? To reach the goal of $120,000, the amount they have to save each yoar is $. (Round to the nearest cent.) b. If they think you wil take five years instoed of four to graduate and decide to have $160,000 saved kust in case, how much would they have to sare each year to reach thair new goal? To reach the goal of $160,000. the amount they have to save each year is $ (Round to the nearest cent.)