Calculate approximate monthly amount to invest at the beginning of the period. Round the final answer...

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Calculate approximate monthly amount to invest at the beginning of the period. Round the final answer to two decimals. Please note that intermediate steps should be calculated to at least 4 decimals to get the answer correctly. Assume the following information for your client Step 1 Child's AGE 2 Years to college Annual College Costs (current dollars) 3 4 Assumed College Inflation rate 5 College Inflation Factor. Calculate as (1+Step 4)^(Step 2) 6 Estimate Future Annual Costs Calculate as 7 Estimated Total Future Costs (Step 6) years in college 4 Funding requirements 8 Assumed after-tax return 9 PV Factor 10 Total Lump-Sum Investment Currently Required 11 Amount already earmarked for education 12 Additional Limp-Sum funding required 13 Years of funding 14 PVIFA Due 15 Annual target amount to invest 16 Approximate monthly amount to invest 3 18-(Step 1) $57,911 5.5% (1+Step 4)^(Step 2) (Step 3 Step 5) or use FV formula in Excel or financial calculator Step 6 years in college 10.7% 1/(1+Step 8)^Step 2 Step 7"Step 9 or use PV formula in Excel or financial calculator $27,116 Step 10-Step 11 5 Move to Step 15 to use Excel or financial calculator Step 12 Step 14) or use formula PMT in Excel or financial calculator Step 15)/12 months Calculate approximate monthly amount to invest at the beginning of the period. Round the final answer to two decimals. Please note that intermediate steps should be calculated to at least 4 decimals to get the answer correctly. Assume the following information for your client Step 1 Child's AGE 2 Years to college Annual College Costs (current dollars) 3 4 Assumed College Inflation rate 5 College Inflation Factor. Calculate as (1+Step 4)^(Step 2) 6 Estimate Future Annual Costs Calculate as 7 Estimated Total Future Costs (Step 6) years in college 4 Funding requirements 8 Assumed after-tax return 9 PV Factor 10 Total Lump-Sum Investment Currently Required 11 Amount already earmarked for education 12 Additional Limp-Sum funding required 13 Years of funding 14 PVIFA Due 15 Annual target amount to invest 16 Approximate monthly amount to invest 3 18-(Step 1) $57,911 5.5% (1+Step 4)^(Step 2) (Step 3 Step 5) or use FV formula in Excel or financial calculator Step 6 years in college 10.7% 1/(1+Step 8)^Step 2 Step 7"Step 9 or use PV formula in Excel or financial calculator $27,116 Step 10-Step 11 5 Move to Step 15 to use Excel or financial calculator Step 12 Step 14) or use formula PMT in Excel or financial calculator Step 15)/12 months

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To answer this question we must follow the steps provided in the table Ill go through each step one by one 1 Childs AGE Given as 3 years 2 Years to co... View the full answer