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Your parents have been advised to save 5% of their income for your collegeeducation, which...

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Your parents have been advised to save 5% of their income for your collegeeducation, which would include money for housing, tuition, books, and fees. Howmuch would your parents have saved in one year, following the recommended 5%, ifthey had an average household income of $48,948? Show your work. (5 points)

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