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How much should you contribute into the savings account

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Question - You would like to begin saving for your child's college education. You estimate the tuition will be $70,000 per year for a period of 4 years. Your child will enroll in college 15 years from now. You plan on making annual contributions into a college savings account at the end of each year which you estimate will yield an effective annual rate of return of 7%. How much should you contribute into the savings account annually to have enough saved when your child begins college? Solve the problem using goal seek in excel and please enlighten me how to do it thanks!

Reference no: EM132778968

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