T. Rowe Price has launched its college investment calculator, a spokesperson with the firm told the MutualFundWire.com. The tool is designed to help investors estimate how much they will need to save in order to meet their 529 goals.

The calculator is available on the T. Rowe Price website, and it is available to everyone regardless of their relationship with the firm. Utilizing a Monte Carlo analysis model, the calculator provides probabilities on whether or not goals can be reached.

The calculator analyzes all the portfolios the investor has selected and runs through 500 potential market scenarios. Users can enter in adjustments for inflation as well as potential financial aid.

"Parents need help calculating how much they need to save or determining the likelihood that their current college investment plan will cover the future cost of college. As these costs continue to outpace income growth, the need for better planning has never been greater and the use of hypothetical market scenarios instead of an assumed average return provides a more realistic investment projection," stated Todd Cleary, head of financial planning for firm, on why the use of the Monte Carlo model.

T. Rowe Price provides services for both the Maryland and the Alaska 529 plans. 

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