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QUESTION 5 Assume that your parents wanted to have $160,000 saved for college by your 18th birthday and they started saving on your first birthday.

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QUESTION 5 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. How much would they have to save each year to reach their goal? 8,888.89 3,860.42 4,272.34 4,740.71

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