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

Answer 1

2447.40

Explanation:

smart

Answer 2

$2447.40

Explanation:

Find 5% of average household income to find the savings of your parents in one year.

Savings of your parents in one year: $48,948 x 5/100

Savings of your parents in one year: $48,948 x 0.05

Savings of your parents in one year: $2447.40