please show excel functions used and work

8. (10 points) Mr. Parker is interested in saving money for his two children, John and Anna, through college. John is currently five years old and Anna is one year old. Both children plan to enter college at age 18 and to finish it in four years. That is, John will enter the college in 13 years and Anna in 17 years. Parker will make 21 payments at the beginning of each year and will raise the amount by 5% each year. His first contribution ($7,500) will be paid today and the final payment will be made on Anna's 21st birthday (which is also the day that the last payment must be made to the college). Also, He expects to earn a 8% annual return on his investment. By using the given information, answer following questions a) What is his payment in year 20? b) What is the account balance in year 12? c) Suppose that the annual cost of college is currently $37,500 per child and this cost is expected to increase at 5% a year for the foreseeable future. What will be the college cost when John enters college? d) When we assume that other things are same, what is his first contribution to cover eight years' college cost? Copy row 12-33 in sheet "P8" and paste (not paste special) them to the same place in sheet "p8d" and solve the question by using "Goal Seek. 116 The Normal Page Break Page Custom Preview Layout Views Gridlines Headings Zoom 100% Zoom to Selection New Arrange Freeze Window All Panes Workbook Views Show Zoom C3 B D E G Problem 8 2 3 Answer 4 a Interest rate First Payments Growth Rate of Paymnet College Cost this year Growth Rate of Cost $7,500 5% 5 6 8% 8 9 10 11 12 John's Age Year 0 Anna's Age Balance 13 5 6 Payments College Cost $7,500 14 2 7 15 16 17 2 3 4 5 3 4 18 5 6 8 9 10 11 12 13 6 7 7 8 19 20 21 22 8 14 23 9 10 11 12 13 24 9 10 11 12 13 14 15 16 17 18 25 26