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College Savings Formula

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College Savings refers to funds set aside or invested specifically to cover the costs of higher education for oneself, children, or another beneficiary. Check FAQs

CS = \frac{CAR}{\frac{{(1 + R)}^{np \cdot FIP} - 1}{R}}

CS - College Savings?CAR - College Amount Required?R - Rate of Interest per Annum?np - Number of Periods?FIP - Frequency of Interest Paid?

College Savings Example

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Here is how the College Savings equation looks like with Values.

Here is how the College Savings equation looks like with Units.

Here is how the College Savings equation looks like.

6.0814 = \frac{2245}{\frac{{(1 + 0.56)}^{4 \cdot 3} - 1}{0.56}}

6.0814 = \frac{2245}{\frac{{(1 + 0.56)}^{4 \cdot 3} - 1}{0.56}}

6.0814 = \frac{2245}{\frac{{(1 + 0.56)}^{4 \cdot 3} - 1}{0.56}}

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College Savings Solution

Follow our step by step solution on how to calculate College Savings?

FIRST Step Consider the formula

CS = \frac{CAR}{\frac{{(1 + R)}^{np \cdot FIP} - 1}{R}}

Next Step Substitute values of Variables

∴

CS = \frac{2245}{\frac{{(1 + 0.56)}^{4 \cdot 3} - 1}{0.56}}

Next Step Prepare to Evaluate

∴

CS = \frac{2245}{\frac{{(1 + 0.56)}^{4 \cdot 3} - 1}{0.56}}

Next Step Evaluate

∴

CS = 6.08141902066462

LAST Step Rounding Answer

∴

CS = 6.0814

College Savings Formula Elements

Variables

College Savings

College Savings refers to funds set aside or invested specifically to cover the costs of higher education for oneself, children, or another beneficiary.

Symbol: CS

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find College Savings

College Amount Required

College Amount Required refers to the total funds needed to cover the costs associated with attending college or university.

Symbol: CAR

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find College Amount Required

Rate of Interest per Annum

Rate of Interest per Annum refers to the annualized interest rate charged on a loan or investment over one year.

Symbol: R

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Rate of Interest per Annum

Number of Periods

Number of Periods refers to the length of time over which one plans to save money for college expenses.

Symbol: np

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Number of Periods

Frequency of Interest Paid

Frequency of Interest Paid refers to how often the interest on a savings or investment account is credited or paid out to the account holder.

Symbol: FIP

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Frequency of Interest Paid

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How to Evaluate College Savings?

College Savings evaluator uses College Savings = College Amount Required/(((1+Rate of Interest per Annum)^(Number of Periods*Frequency of Interest Paid)-1)/(Rate of Interest per Annum)) to evaluate the College Savings, College Savings refers to the amount required to cover the education cost when one is ready to enter college. College Savings is denoted by CS symbol.

How to evaluate College Savings using this online evaluator? To use this online evaluator for College Savings, enter College Amount Required (CAR), Rate of Interest per Annum (R), Number of Periods (np) & Frequency of Interest Paid (FIP) and hit the calculate button.

FAQs on College Savings

What is the formula to find College Savings?

The formula of College Savings is expressed as College Savings = College Amount Required/(((1+Rate of Interest per Annum)^(Number of Periods*Frequency of Interest Paid)-1)/(Rate of Interest per Annum)). Here is an example- 6.081419 = 2245/(((1+0.56)^(4*3)-1)/(0.56)).

How to calculate College Savings?

With College Amount Required (CAR), Rate of Interest per Annum (R), Number of Periods (np) & Frequency of Interest Paid (FIP) we can find College Savings using the formula - College Savings = College Amount Required/(((1+Rate of Interest per Annum)^(Number of Periods*Frequency of Interest Paid)-1)/(Rate of Interest per Annum)).

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College Savings Formula

College Savings Example

College Savings Solution

College Savings Formula Elements

Other formulas in Investment Banking category

How to Evaluate College Savings?

FAQs on College Savings

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