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How do I solve for year-end saving Balance from the highlighted on the pic and payment need per month? Cost of College 10,000 per year
How do I solve for year-end saving Balance from the highlighted on the pic and payment need per month?
Cost of College 10,000 per year
Child Age 2
years attending 4
expected average return 6%
rate of annual cost increase 5%
I solved Funding needed using
PV | ($10,000.00) | First year of College |
PMT | 0 | |
FV | $21,828.75 | Estimated Total Cost for year 1 |
i | 5% | College Inflation |
n | 16 | Years till turning 18 |
PV | ($10,000.00) | First year of College |
PMT | 0 | |
FV | $22,920.18 | Estimated Total Cost for year 1 |
i | 5% | College Inflation |
n | 17 | Years till turning 18 |
PV | ($10,000.00) | First year of College |
PMT | 0 | |
FV | $24,066.19 | Estimated Total Cost for year 1 |
i | 5% | College Inflation |
n | 18 | Years till turning 18 |
PV | ($10,000.00) | First-year of College |
PMT | 0 | |
FV | $25,269.50 | Estimated Total Cost for year 1 |
i | 5% | College Inflation |
n | 19 | Years till turning 18 |
Years From Now $0 1 Child 1 - Funding and Balance Summary Starting Balance: $0 100% Funding Shortfall Year End Savings Need Balance $0 $2,784 $0 $0 $5,735 $0 $0 $8,863 $0 $0 $12,179 $0 $0 $15,694 $0 $0 $19,420 $0 $0 $23,369 $0 $0 $27,555 2 3 4 6 7 Years From Now Shortfall 9 10 11 12 100% Funding Need $0 $0 $0 $0 $0 $0 $0 $0 $21,829 $22,920 $24,066 $25,270 Year End Savings Balance $31,992 $36,696 $41,682 $46,967 $52,569 $58,507 $64,801 $71,473 $56,717 $39,984 $21, 101 ($120) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $120 13 14 15 16 17 18 19 A Reminder and Disclosure about College Savinas Planner Results
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