Question: please answer using excel and explain 7) You are planning to send your daughter to college in 20 years. You estimated that you will need
7) You are planning to send your daughter to college in 20 years. You estimated that you will need $100,000 at that time to pay for tuition, room and board. How much money would you need to invest at the end of each year to achieve your goal if you believe that you can earn a rate of return of 10% per year? 4 Use Excel's =PMT(RATE,NPER,PV,[FV],[TYPE]) function. RATE is 10%, NPER is 20,PV is $0,FV is $100,000, and TYPE is 0 since payments are made at the end of the period. If the [type] argument is omitted, it takes on the default value of 0
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