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An employee starts working at the age of 2 2 at an annual salary of $ 5 0 , 0 0 0 . She hopes

An employee starts working at the age of 22 at an annual salary of $50,000. She hopes to get an average increase of 3% each year. Each year, her retirement plan requires her to contribute 8% of her annual salary and the employer will contribute 35% of her contribution, i.e., the employee contributes $4000 to the retirement fund in year 1 and the employer contributes $1400, making the balance a $5400. The current balance in the retirement fund earns an annual return of 8% which is applied into next year. This means the year 2 balance is the year 1 balance plus 8% return on the year 1 balance plus the year 2 employee and employer contributions.
Develop an Excel model for retirement planning. Extend this model up to 65 years of age
Type your answers to parts a, b, and c from your solution in the space provided below. Be brief and to the point.
Part a: How old will she be when the retirement balance grows to $1 million? What is the retirement balance at the age of 65?
Part b: Suppose the yearly salary increase is not fixed at 3% but randomly varies between 1 to 5% based on a uniform distribution. Which Excel function will you use to generate this yearly increase? In this scenario, how old she will be when the retirement balance grows to $1 million?
Part c: Keep the salary increase as uniformly random as in part b. Now consider the scenario where the return on investment is not fixed at 8% but randomly follows a normal distribution with a mean of 8% and standard deviation of 1%. Which Excel function will you use to generate this return on investment? In this scenario, how old she will be when the retirement balance grows to $1 million?
Must use Excel Formulas and Provide lots of screenshots on how to set it up and the formula in each.

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