Folks,
Need some help here. This is the problem - need to solve in Excel.
John will enter college 6 years from now, and spend 4 years in
college. The current annual cost of college education is $25,000 and
is expected to rise 5% each year. Thus, the first college payment is
due 6 years from now and the last payment is due 9 years from now.
Dad would like to make 10 annual investments beginning now and ending
9 years from now such that the total value of his investments and
returns will exactly cover the cost of college. He would like to
determine his first investment, which he plans to increase in
subsequent years by 6% each year. He expects to earn 8% annual return
on his investments.
a) Need to develop a table that shows investments, returns, tuition
expenes and account balances for each year
b) What is the first year's investment (the answer is $8797.55).

I would appreciate any guidance on this.

Thanks,
Kevin