Question

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. please write a original answer

Answer 1

$ 2447.40

Explanation:

Percentage:

Savings for education = 5% of income

`\sf = (5)/(100)*48948\\\\ = (244740)/(100)\\\\= \$ 2447.40`