Question: (Homework 5E #2) PLEASE USE EXCEL TO SOLVE Tonys son, Mark will start college in 6 years. Tuition costs $26,000 today, increasing at an annual

(Homework 5E #2)

PLEASE USE EXCEL TO SOLVE

Tonys son, Mark will start college in 6 years. Tuition costs $26,000 today, increasing at an annual rate of 7.0%. Tony wants to earn 9.3% annually on his investments. If he makes an initial investment one year from now, and annual additions at the end of each year until Mark starts college, what is the size of the annual (level) investments he must make to fund 4 years of Marks college education?

Round the answer to two decimal places.

Correct Answer: 19,948.32

My INCORRECT Answer: 18,250.97

Could someone please work this out and show me where I could be going wrong? Thank you!

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