Arts
The Wilsons just had their first child, Jamie, and want to begin a college fund. They expect Jamie to attend college in the years 2039-2042 and estimated tuition cost for those years are $40,000, $42,000, $43,000, and $46,000 respectively. The Wilsons investments earn an annual return of 9%Calculate the Following using Excel (you may use the TVM equation or Excel formulas)1) If the Wilsons, knowing how hard it was to save for college, decide to use the money they saved [your answer in "part d"] to start a partial scholarship fund for needy students. How much money can the Wilson Fund grant to a needy student each semester (twice per year) if it plans to continue in perpetuity?2) After speaking with a scholarship expert, the Wilsons realize they forgot to account for inflation, estimated at 3%, when calculating their scholarship grant. If they want their grant to grow at 3% per year to account for inflation, how much will their first grant payment be (in this case only one grant will be given per year)?