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9. Suppose the Halls should be able to accumulate $2.6 million at retirement, and want to create an annual spending plan following Case 2 in

9. Suppose the Halls should be able to accumulate $2.6 million at retirement, and want to create an annual spending plan following Case 2 in the previous quesiotn and the same extra funds. How much can they afford to spend in the first year in retirement? Think of Goal-Seek in Excel! Tax rate = 22%
Retirement nest egg $ 2,600,000
Annual Inflation Rate 2.6%
Annual Investment Yield After Retirement 5.00%
Retirement Age 68
Expected age at death 91
Number of Years during Retirement 24 `=Age at death - retirement age +1
First Year Regula Income $100,000 Hint: use C10 for "By changing cell" value of "Goal Seek." Use 100,000 as the starting value.
First Year Total Income $127,000.00
Age Regular Income Extra funds Total Income Present Value of the retirement account at Retirement (NPV)
68 $ 100,000 Use this NPV as "Set Cell" in Goal Seek

Please explain formulas used

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