Calculate approximate monthly amount to invest  at the beginning...

Question

# Calculate approximate monthly amount to invest  at the beginning...

Calculate approximate monthly amount to invest at the beginning of the period. Round the final answer to two decimals. Please note that intermediate steps should be calculated to at least 4 decimals to get the answer correctly.

Assume the following information for your client

Step   1Child's AGE   82Years to college   18-(Step 1)3Annual College Costs (current dollars)    \$50,6214Assumed College Inflation rate    5.8%5College Inflation Factor. Calculate as (1+Step 4)^(Step 2)  (1+Step 4)^(Step 2)6Estimate Future Annual Costs Calculate as(Step 3* Step 5) or use FV formula in Excel or financial calculator7Estimated Total Future Costs (Step 6*) years in college 4  Step 6*years in college Funding requirements 8Assumed after-tax return   8.1%9PV Factor1/(1+Step 8)^Step 210Total Lump-Sum Investment Currently RequiredStep 7*Step 9 or use PV formula in Excel or financial calculator11Amount already earmarked for education  \$20,24512Additional Limp-Sum funding required   Step 10-Step 1113Years of funding   714PVIFA Due  Move to Step 15 to use Excel or  financial calculator15Annual target amount to invest(Step 12*Step 14) or use formula PMT in Excel or financial calculator16Approximate monthly amount to invest(Step 15)/12 months

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10,000 step-by-step explanations

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## Step-by-step explanation

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