Excel Exercise You are planning for your retirement. You estimate that you will have $600,000 at the time of your retirement. Your goal is to have a $0 balance at the end of 20 years (at which point you plan on becoming a burden to society and your family). You estimate your expenses at $50,000/Year. You estimate interest on your savings at 5%/year. You estimate inflation at 3%/year. Assume interest and expense payments are made at the beginning of the year. Objectives: Determine if $600,000 is sufficient If not, determine what you will need Provide all related spreadsheet models Provide a short recommendation State any other assumptions you feel you need to make for this exercise A D 1 Year 2 3 4 5 6 7 8 9 10 B Expense Balance 1 50000 600000 2 51500 578500 3 53045 554380 4 54636.35 527462.7 5 56275.44 497560.3 6 57963.7 464474.7 759702.61 427995.8 8 61493.69 387901.9 9 63338.5 343958.5 10 65238.66 295917.7 11 67195.82 243517.8 12 69211.69 186482 13 71288.04 124518 14 73426.69 57317.26 15 75629.49 -15446.4 16 77898.37 -94117.1 17 80235.32 -179058 18 82642.38 -270654 19 85121.65 -369308 20 87675.3 -475449 11 12 13 14 15 16 17 18 19 20 21 22