Matthew is 11 years old. Matthew is super excited as he is deciding to attend the Aveda Institute of Cincinnati. His parents want to save for three years of college starting at 18. His parents want to deposit (x) today and on birthdays 12, 13, . 17. On birthdays 18, 19, 20, they plan to take out $22,500 the total cost of education for the cosmetology program.

• How much do her parents need to save each year? Assume the discount rate is 7%. Using Goal Seek, solve for the annual deposit necessary for Matthews parents to meet their financial goal and for Matthew to achieve his dream of being a cosmetologist.
• Assume that Matthew receives a grant that brings his total cost of attendance to $17,000. How does this change your calculation?