Please explain how you came up with answer.

implified College Cost Worksheet Calculate approximate monthly amount to invest at the beginning of the period. ound the final answer to two decimals. Please note that intermediate steps should e calculated to at least 4 decimals to get the answer correctly. issume the following information for your client Step 1 Child's AGE 10 2 Years to college 18-(Step 1) 3 Annual College Costs (current dollars) $50.355 4 Assumed College Inflation rate 6.996 5 College Inflation Factor. Calculate as (1+ Step 4)"(Step 2) (1+Step 4)~(Step 2) Step 3" Step 5) or use FV 6 Estimate Future Annual Costs Calculate as formula in Excel or financial calculator 7 Estimated Total Future Costs (Step 6") years in college 4 Step 6"years in college Funding requirements 8 Assumed after-tax return 8.7%% 9 PV Factor 1/(1+Step 8)*Step 2 10 Total Lump-Sum Investment Currently Required Step 7"Step 9 or use PV formul in Excel or financial calculator 11 Amount already earmarked for education $28.200 12 Additional Limp-Sum funding required Step 10-Step 11 13 Years of funding 14 PVIFA Due Move to Step 15 to use Excel or financial calculator (Step 12"step 14) or use 15 Annual target amount to invest formula PMT in Excel or financial calculator 16 Approximate monthly amount to invest step 151/42 months our Answer: