Question: Make a worksheet to show saving for paying for your child's college tuition in ten years. The full tuition is dollars 100,000. Make a data table that shows the FV of the monthly savings and the percentage of the dollar 100,000 saved so far with monthly payments from dollar 250 to dollar 800 in dollar 50 increments.
Tuition = $100,000 [name this cell and use in formula]
Savings Interest Rate = 7.25% [Clue *12 for monthly]
Period = 10 years [Hint * 12 months]
Payment Pmt = $300
Percentage of Tuition saved = FV/tuition
Apply goal seek to determine the exact amount to save each month to have the full tuition.
Use conditional formatting to highlight when the savings is equal to and greater than $100,000 in the data table.