How much would they have to save each year to reach goal

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Reference no: EM131022467

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? (Hint: $160,000 is a future value, find first its PV and then solve for the amount.)

Reference no: EM131022467

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