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

$ 2447.4

Step-by-step explanation:

Given :

They had an average household income of $48,948.

Your parents have been advised to save 5% of their income for your college education

To Find : How much would your parents have saved in one year?

Solution:

They had an average household income of $48,948.

They are advised to save 5% of their income.

So, saving =

                 =

                 =

Hence your parents have saved $2447.4 in one year.

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