D E H 2 P o 1 Required annully payments 2 3 Retrement come today Yeans to retirement Years of retirement national 7 Swenge Rate of totum 9 10 Calculate value of savings in 10 years 11 Sa 10 12 560.000 10 25 4009 500 000 100% Formulas NA 13 Calculate we offered trement income to 14 Hermet com 10 15 Calculate of 25 begiving you want 10 Payments all 10 17 Human payment to 1 19 Calculate metanou need a 10 20 Votre payments 21 Volg Need NA NA WA Excel Online Structured Activity: Required annuity payments Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed retirement Income that has the same purchasing power at the time he retires as $60,000 has today. (The real value of his retirement income will decline annually ofter he retires.) Mis retirement Income will begin the day he retires, 10 years from today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be 4%. He currently has $60,000 saved, and he expects to earn 8% annually on his savings. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below. X Open.spreadsheet How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal? Do not round your intermediate calculations. Round your answer to the nearest cent