Please input these numbers into excel using one of the formulas. Please show me how you got the answer and what formula was used. Thank you.

SUGGESTED SOLUTION fund all four years of education soccted investment rate of return of O steps of the three-step approach DETERMINING THE EDUCATION COST USING THE TRADITIONAL APPROACH Use the traditional three-step approach to determine the lump sum needed to fund all four ye expense for each child. Combining the education inflation rate of 6% with an expected investme 8%, yields a 1.8868% inflation-adjusted rate of return that is used in the first two steps of the three Step 1 Calculate the inflation-adjusted, four-year cost of each child's college education. PMID - $15.000 4 years - 1.8868 FV 558,353.81 (this will be the same for each child) This is also the lump-sum cost of education for Kylie, age 18, who begins college today. The Windsor's will pay for Kylie's education as they go, or through a combination of cash flow, financia breaks, if any are available. vears of college. Traditional approach to Step 2 Calculate the present value of the lump sum cost of each child's four years of college. Traditiona determine the cost of education for Tyler, age 12, and Trace, age 9, who will start school in 6 years respectively. Tyler $58353.81 PMT -0 1.8868 N 6 PV 552.162.89 FV - PMT - - N - PV Trace $58,353.81 0 1.8868 9 $49,318.28 Total PV for Tyler and Trace is $101,481.17 (552,162.89 + $49,318.28). Total PV for Kylie, Tyler and Trace is $159,834.98 ($101,481.17 +58,353.81)