Bill wants to save for his son’s college expenses. He knows what tuition will cost in 18 years and knows the interest rate on the bank account. What he doesn’t know is how much to deposit each month to save enough for his son’s college expenses. Which Excel formula would you use?

The Excel formula that Bill would use is PMT. How to illustrate the information?From Bill's situation, he has the following information:time = NPER = number of periods = 18 yearsRATE of the bankFV = future value = cost of tuitionPMT, is a financial function, computes the loan payment based on constant payments and a constant interest rate. The Excel PMT function is a financial function that computes loan payments based on a fixed interest rate, the number of periods, and the loan amount. The function's name is derived from the acronym "PMT," which stands for "payment."In conclusion, the correct option is PMT.Learn more about Excel on:https://brainly.com/question/25879801#SPJ1Complete questionBill wants to save for his son’s college expenses. He knows what tuition will cost in 18 years and knows the interest rate on the bank account. What he doesn’t know is how much to deposit each month to save enough for his son’s college expenses. Which Excel formula would you use? Choose from FV, PV, PMT, NPER, or RATE.