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.
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Answer:
The parents have saved in one year = $1744.4
Step-by-step explanation:
It is given that,
average household income = $48,948
parents have been advised to save 5% of their income
To find the saved income
To find this we have to find 5% of total income.
Income = $48,948
Saved income = 5%( $48,948)
saved income = (5*48948)/100 = $1744.4
Therefore parents have saved in one year = $1744.4
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