Assume that your parents wanted to have $120,000 saved for college by your eighteenth birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned 9% per year on their investments.

a. How much would they have to save each year to reach their goal?
b. If they think you will take five years instead of four to graduate and decide to have $ 160 comma 000$160,000 saved just in case, how much would they have to save each year to reach their newgoal?

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.