Computation of amount to be saved for tuition

Reference no: EM1313453

Create a worksheet to show saving for paying for your child's college tuition in 10 years. The full tuition is $100,000. Create a data table that shows the FV of the monthly savings and the percentage of the $100,000 saved so far with monthly payments from $250 to $800 in $50 increments.

Tuition = $100,000 (name this cell and use in formula)

Savings Interest Rate = 7.25% (Hint/12 for monthly)

Period = 10 years (Hint * 12 months)

Payment Pmt = $300

Percentage of Tuition saved = FV/tuition

Use goal seek to find the exact amount to save each month to have the full tuition.

Use conditional formatting to highlight when the savings is equal to and greater than $100,000 in the data table

Reference no: EM1313453

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