Assume that your parents wanted to have $$70,000$ saved for college 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 $11\mathrm{.}0\%$ 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 $$110,000$ saved just in case,

how much would they have to save each year to reach their new goal?