How much would they have to save each year to reach their, Financial Management

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How much would they have to save each year to reach their

Assume that your parents wanted to have $160,000 saved for college by your eighteenth birthday and they started saving on your first birthday (that is, when you turned one).

They saved the same amount each year on your birthday and earned 8% per year on their investments.

How much would they have to save each year to reach their goal?

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