Excel Online Activity: Victor and Maria Hernandez Need to Save Money Fast

The Hernandez family is experiencing some financial pressures, even though the couple has a combined income of $$87,000.$ Also, their eldest son, Joseph, wit start college in only three years. Maria is contemplating going to work full time to add about $$34,500$ to the family's annual income.

The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculati$$ns$.$

Open spreadsheet

a$.$ How much should they save annually for the next three years if they want to build up Joseph's college fund to $$31,500,$ assuming a $3$ percent rate of return and ignoring taxes on the interest? Round your answer to the nearest dollar. $($Hint: Use Appendix A$-3$ or visit the Garman$/$Forgue companion website.$)$

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b$.$ Given their $18$ percent marginal tax rate, what is the Hernandezes' after$-$tax return on their savings? Round your answer to two decimal places.

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Given their after$-$tax return, how much would they need to save each year? Round your answer to the nearest dollar.

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