please help and explain. dont answer with excel just explain thank you

20. Assume that your parents wanted to have $160,000 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 8% per year on their investments. a. How much would they have to save each year to reach their goal?! es and Valuing Cash Flows . If they think you will take five years instead of four to graduate and decide to have $200,000 saved just in case, how much more would they have to save each year to reach their new goal