what is required can be found in the attached file. Please use excel to solve the question and attach the excel file back as solution

Meet Stan and Lulu Makita. Stan is a 39-year-old successful graphic designer and Lulu is a 36 year-old financial analyst working for the State of Michigan. They have a seven yearold son Pat, who is in the first grade, and a two year-old daughter Jamie, who attends daycare. The Makita's will be facing numerous challenges that will require them to practice sound financial decision making, and, in instances where there is a sufficient time horizon, some prudent financial planning. Lulu is currently finishing her doctoral program in Finance, while maintaining a part-time status at a local school, where she works. The Makita's own a home, two cars, have approximately $10,000 saved up in various savings and investment accounts, and own some assets around the house. They are also invested in their 401ks that they maintain at their respective places of employment. This couple is facing some financial issues that they have not yet addressed. Although they both have jobs where they make decent salaries, they have not really thought about their children's educational needs. Inflation in the cost of college education is a reality for most parents, which has to be kept in mind when planning for the future. Moreover, Stan's mother is in her early eighties and has been facing declining health. She will not be able to live by herself for much longer. Lulu, who originally hails from Spain, sends money to her family regularly, but her parents are aging and may need more financial assistance in the future. Lastly, due to the Makita's fairly hectic lifestyle and overall fear of retirement planning, they have not given much thought to their own retirements, or the possibility of how they would handle a layoff from work. Answer the following question and attach an excel file to show the calculations: 1. College education is increasing at a rate of 10% per year. If college cost is running at $22,000 a year today, what will the Makita's need to have saved up for Patty in 7 years and for Jimmy in fifteen years? Assume that the Makita's are in the 25% tax bracket, and 6.8% for the state taxes. You can assume that the Makita's earn 6% on their investments. Assume that the Makita's can only save $100 a month towards each child's educational funding. (Note: show your calculation in the paper)