After finishing high school, Darlene is planning to work for 5 years and then go to university for 4 years to get a degree in business. She estimates that her annual expenditures (tuition plus other expenses) when she starts university will be $6500, $5500, $4550 and $5750, from years 6 to 9 respectively, for the four years she plans to be there.

Darlene needs a spreadsheet model that will help her figure out how much to save for her university education. She estimates that her savings account will generate 4.5% in interest returns.

Please answer with excel:

WN 00 09 1 Inputs 2 Interest Rate 4.5% 3 Initial Deposit 4 5 Cash Flows 6 Year Expenditures Savings 7 0 8 1 9 2 10 3 11 4 12 5 13 6 6500 14 7 5500 15 8 4550 16 9 5750 17 Present Value (t=0) 18 Future Value (t=9) 19 Ann. Savings (t=1-5) 20 Other? 21 Other? 22 Other? 23 24