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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.

I NEED HELP UNDERSTANDING THIS PROBLEM!!!

Respuesta :

helpmesksksksk
Just multiply the average household income by 5% or .05 and that’s how much your parents would have saved

Answer:

$2447.40.

Step-by-step explanation:

We have been given that 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. They had an average household income of $48,948.

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

[tex]\text{Savings of your parents in one year}=\$48,948\times \frac{5}{100}[/tex]

[tex]\text{Savings of your parents in one year}=\$48,948\times0.05[/tex]

[tex]\text{Savings of your parents in one year}=\$2447.40[/tex]

Therefore, your parents would have saved $2447.40 is one year.

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