Question

c) Your parents have been advised to save 5% of their income for your college education
which would include money for housing, tuition, books and fees. How much would your parents
have saved in one year, following the recommended 5%, if they had an average household
income of $48,948? Show your work.

Answer 1

48,948 * 5% = 2447.4

Answer 2

Answer:

Your parents will have saved $2447.40 in a year.

Step-by-step explanation:

Your parents have been advised to save 5% of their income for your college education.

Their annual income is = $48948

So, 5% of this will be = $0.05\times48948=2447.40$ dollars

Hence, your parents will have saved $2447.40 in a year.