me Formulas Data Review Insert x Page Layout fx View Add | Years Future Value of Savings 12.00 $48,283.52 12.00 $57,301.66 r ) Savings Accumulated Over the Next 12 Years (Based on Plan to Save $4.000 per yea Amount Saved Per Year $4,800 Interest Rate 2% Years 12.00 Future Value of Savings $64,378.03 $4,800 5% 12.00 $76,402 21 2. What is the impact of the higher interest rate of 5% (instead of 2%) on the Sampsons' accumulated savings? 3. What is the impact of the higher savings of $4,800 (instead of $3,600) on their accumulated savings? 4. the Sampsons set a goal to save $70,000 for their children's college education in 12 years, how would you determine the yearly savings necessary to achieve this goal? How much would they have to save by the end of each year to achieve this goal, assuming a 5 percent annual interest rate? $70,000 Calculator: Savings Needed Each Year Future Value Interest Rate Years Savings Needed Each Year $4,397.78 Index Samp Sampson Case, Chapter 1 Sampson Case, Chapter 2 me Formulas Data Review Insert x Page Layout fx View Add | Years Future Value of Savings 12.00 $48,283.52 12.00 $57,301.66 r ) Savings Accumulated Over the Next 12 Years (Based on Plan to Save $4.000 per yea Amount Saved Per Year $4,800 Interest Rate 2% Years 12.00 Future Value of Savings $64,378.03 $4,800 5% 12.00 $76,402 21 2. What is the impact of the higher interest rate of 5% (instead of 2%) on the Sampsons' accumulated savings? 3. What is the impact of the higher savings of $4,800 (instead of $3,600) on their accumulated savings? 4. the Sampsons set a goal to save $70,000 for their children's college education in 12 years, how would you determine the yearly savings necessary to achieve this goal? How much would they have to save by the end of each year to achieve this goal, assuming a 5 percent annual interest rate? $70,000 Calculator: Savings Needed Each Year Future Value Interest Rate Years Savings Needed Each Year $4,397.78 Index Samp Sampson Case, Chapter 1 Sampson Case, Chapter 2