An important question in financial planning is to examine ones investment portfolio. How much will it beworth in 10 years? In 20 years? When you retire? The Human Resource department at RamJackCorporation was asked to develop a financial planning model that would help their employees addressthese questions. John Phillips was asked to lead this effort and decided to begin by developing afinancial plan for himself. John has a degree in business and at the age of 25, is making $34,000 per year.After 2 years of contribution to the company retirement plan and receiving a small inheritance, John hasaccumulated a portfolio valued at $14,500. John plans to work for 30 more years and hopes toaccumulate a portfolio valued at $1,000,000. Can he do it?Assumptions:1. 5% salary growth is reasonable.2. He plans to contribute 4% of his salary.3. 10% annual portfolio growth seems reasonable.4. Contributions occur monthly throughout the year.Develop an Excel worksheet and calculate the value at the end of 5 years.John projected he could save around $691,500 after 30 more years of service. What would Johnsalternatives be if he wants to make $1,000,000? John showed this to his boss who made the followingobservations.1. Salary growth should not be constant. Should vary from 0 to 10 percent with a uniformprobability distribution.2. Annual portfolio growth rate should be approximated by a normal probability distribution with amean of 10% and a standard deviation of 5%