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Assume that your parents wanted to have $140,000 saved for college by your 18th birthday and...

Assume that your parents wanted to have $140,000 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 9.5% 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 $180,000 saved just in​ case, how much would they have to save each year to reach their new​ goal?

​(Round to the nearest​ cent.)

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