Benedict's\tRetirement\tPlanning Benedict\tis\t37\tyears\told\tand\twould\tlike\tto\testablish\ta\tretirement\tplan.\tDevelop\ta\tspreadsheet model\tthat\tcould\tbe\tused\tto\tassist\tBenedict\twith\tretirement\tplanning. Your\tmodel\tshould\tinclude\tthe\tfollowing\tinput\tparameters: Benedict's\tcurrent\tage\t=\t37\tyears Benedict's\tcurrent\ttotal\tretirement\tsavings\t=\t$259,000 Annual\trate\tof\treturn\ton\tretirement\tsavings\t=\t4\tpercent Benedict's\tcurrent\tannual\tsalary\t=\t$145,000 Benedict's\texpected\tannual\tpercentage\tincrease\tin\tsalary\t=\t2\tpercent/year Benedict's\town\tpercentage\tof\tannual\tsalary\tcontributed\tto\tretirement\t=\t6\tpercent Benedict's\texpected\tage\tof\tretirement\t=\t65 Benedict's\texpected\tannual\texpenses\tafter\tretirement\t(current\tdollars)\t=\t$90,000 Rate\tof\treturn\ton\tretirement\tsavings\tafter\tretirement\t=\t3\tpercent Income\ttax\trate\tpostretirement\t=\t15\tpercent Assume\tthat\tBenedict's\temployer\tcontributes\t6%\tof\tBenedict's\tsalary\tto\this\tretirement\tfund\tin addition\tto\tthe\tmoney\tBenedict\thimself\tputs\taside.\tBenedict\tcan\tmake\tan\tadditional\tannual contribution\tto\this\tretirement\tfund\tbefore\ttaxes\t(tax\tfree)\tup\tto\ta\tcontribution\tof\t$16,000. Assume\the\tcontributes\t$6,000\tper\tyear.\tAlso,\tassume\tan\tinflation\trate\tof\t2%. Managerial\tReport Your\tspreadsheet\tmodel\tshould\tprovide\tthe\taccumulated\tsavings\tat\tthe\tonset\tof\tretirement\tas well\tas\tthe\tage\tat\twhich\tfunds\twill\tbe\tdepleted\t(given\tassumptions\ton\tthe\tinput\tparameters). As\ta\tfeature\tof\tyour\tspreadsheet\tmodel,\tbuild\ta\tdata\ttable\tto\tdemonstrate\tthe\tsensitivity\tof\tthe age\tat\twhich\tfunds\twill\tbe\tdepleted\tto\tthe\tretirement\tage\tand\tadditional\tpre-tax\tcontributions. Similarly,\tconsider\tother\tfactors\tyou\tthink\tmight\tbe\timportant. Develop\ta\treport\tfor\tBenedict\toutlining\tthe\tfactors\tthat\twill\thave\tthe\tgreatest\timpact\ton\this retirement