Do it in Excel!$(6$ marks$)$

You just celebrated your ${21}^{st}$ birthday and you decide it is a good time to start investing for your

retirement at age $65.$ Starting at the end of this month, you plan to invest in a medium risk fund that

earns, on average, $0\mathrm{.}75\%$ per month.

You have decided to start by determining how much you will need. You figure that after you retire,

you will need $$8,000$ per month until the end of your life. Given your family history, you expect to live

until $90.$ You want to make your first withdrawal on the first day of your retirement and continue to

withdraw your funds at the beginning of each month thereafter. During retirement, you estimate that

your funds will continue to earn $0\mathrm{.}25\%$ per month.

a$.$ How much will you need to have saved up by the time you retire to ensure you have enough

available to meet your needs? $(3$ marks$)$

b$.$ How much will you need to contribute, at the end of each month, if you want to achieve your

retirement goals? $(3$ marks$)$