Chapter Review 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: 1. Tims current age = 37 years 2. Tims current total retirement savings = $259,000 3. Annual rate of return on retirement savings = 4% 4. Tims current annual salary = $145,000 5. Tims expected annual percentage increase in salary = 2% 6. Tims percentage of annual salary contributed to retirement = 6% 7. Tims expected age of retirement = 65 8. Tims expected annual expenses after retirement (current dollars) = $90,000 9. Rate of return on retirement savings after retirement = 3% 10. Income tax rate postretirement = 15% Assume that Tims employer contributes 6% of Tims salary to their retirement fund. Tim can make an additional annual contribution to their retirement fund before taxes (tax free) up to a contribution of $16,000. Assume that Tim contributes $6,000 per year. Also, assume an inflation rate of 2%.LO 2 - Build an Excel spreadsheet model of a business problem using formulas., LO 3 - Construct a one-way and two-way data table to quantify the impact of changing the value of one or two input variables on the value of an output variable. 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). Include a data table in your spreadsheet model to demonstrate the sensitivity of the age at which funds will be depleted to the retirement age and additional pretax 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 Tims retirement.