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

$2,447.40 is how much they would have saved.
take $48,948 and multiply it by 0.05 to get your answer.
Hope I helped :^)

Answer 2

Your parents would save $2447.4 if they saved 5% of their income.

Explanation:

We can assume that the annual household income is $48948 and that you don't earn any money. Five percent on $48948 is:

percentage saved
`=5/100=0.05`

Five percent of the average household income:

`=0.05*48948=2447.4`

The total average amount that your parents will save from there annual income is $2447.4