Annuity Payments

Excel Online Structured Activity: Required annuity payments Your tather is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is a5. He wants a fixed rotirement income thac has the same purchasing power at the time he retires as $50,000 has today. (The raal value of his retirement income will decine annuafy atter he retires.) his retirement incame will begin the day he retires 10 years from today, at which time he will recelve 24 additional annual payments. Annual infiation is expected to be 5%. He currently has 5170,000 saved, and he expects to earn 10% annually on his savings. The date has been collected in the Microsof Excel Online fise beiow. Open the spreadsheet and perform the required analysis to answee the question. below. Open spreadsheet How much must he save during each of the next 10 years (end-or-year deposits) to meet his retirement goal? Do not round your intermediate calculations. Round vour answer to the nearest cent, 5