Chapter $8$ has several examples of Education Funding Plans using a financial calculator. All of these calculations can be done in Excel also as explained in the lecture. You will complete several of the calculations from Ch$.8$ in excel instead of using a financial calculator. There are multiple methods of doing this one of which is explored in the lecture for example if I wanted to know how much my bank balance of $$100$ would grow to after $1$ year at $10\%$ I would type $=$fv$(10\%,1,0,-100)$ in a cell and hit enter. Recalculate the folllowing examples from Chapter $8$ in Excel. All the answers are in the book the important thing is that you do them in Excel and I can review your formulas. You can either do them as I explain in the lecture or visit YouTube and search $"$TVM in Excel" to learn other ways to do complete them in Excel$)$:

Examples from Ch$.8$:

$8\mathrm{.}28$

$8\mathrm{.}29$

$8\mathrm{.}30$

$8\mathrm{.}31$

$8\mathrm{.}32$

$8\mathrm{.}33$

Next use the account balance method to solve the following problems:

Alex is saving for his sons education. Alex's son will be going to college in $15$ years. College expenses are $$11,000$ in today's dollars. College tuition is expected to rise by $3\mathrm{.}1\%$ per year. Alex assumes he will earn an after tax rate of return of $7\mathrm{.}1\%$ How much should Alex save at the end of each year if he will stop saving the year Alex goes to college? Please use the shortcut to the fisher equation for this problem.

How much will Alex have to save if he started saving at the beginning of the year?

Anita is saving for her daughter's college costs. Anita's daughter will be going to college in $16$ yearrs. College expenses are currently $$14,000.$ College tuitin is expected to rise by $3\mathrm{.}5\%$ per year. Anita assumes she willl earn $7\%$ after taxes on her investments. How much should Anita save each month if she will start saving at the end of the month and stop saving once her daughter starts college? Please use the shortcut to the fisher equation for this problem.

How much will Anita have to put away today to fully fund her daughters college in $16$ years?