Case Problem Retirement Plan Tim is $37$ years old and would like to establish a retirement plan. Develop a spreadsheet model that could be used to assist Tim with retirement planning. Your model should include the following input parameters: Tims current age $=37$ years Tims current total retirement savings $=$ $$259,000$ Annual rate of return on retirement savings $=4\%$ Tims current annual salary $=$ $$145,000$ Tims expected annual percentage increase in salary $=2\%$ Tims percentage of annual salary contributed to retirement $=6\%$ Tims expected age of retirement $=65$ Tims expected annual expenses after retirement $($current dollars$)=$ $$90,000$ Rate of return on retirement savings after retirement $=3\%$ Income tax rate postretirement $=15\%$ Assume that Tims employer contributes $6\%$ of Tims salary to his retirement fund. Tim can make an additional annual contribution to his retirement fund before taxes $($tax free$)$ up to a contribution of $$16,000.$ Assume that he contributes $$6,000$ per year. Also, assume an inflation rate of $2\%.$ Managerial Report Your spreadsheet model should provide the accumulated savings at the onset of retirement as well as the age at which funds will be depleted $($given assumptions on the input parameters$).$ As a feature of your spreadsheet model, build a data table to demonstrate the sensitivity of the age at which funds will be depleted to the retirement age and additional pre$-$tax contributions. Similarly, consider other factors you think might be important. Develop a report for Tim outlining the factors that will have the greatest impact on his retirement