Show work for why part a is 4068.87, and then solve for part b please, thank you.

Assume that your parents wanted to have $160,000 saved for college by your 18 th birthday and they started saving con your first birtheay. They saved the same amount each year on your birthda and oarned 8.5% per year on their imvestments. 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 graduase and docide to have $200,000 saved just in case, how much would they have to save each year to reach their new gou? a. How much would they have to save each year to reach their goal? To reach the goal of $160,000, the amount they have to save each year is $ (Round to the nearest cent) b. If they think you wil take five years inslead of fout to graduate and decide to have $200,000 saved just in case, hew much would they have to save each year to reach ther new gea? To reach the goal of $200,000, the amount they have to save each year is $ (Round to the nearest cent)