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 after he retires. His 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 5%. He currently has $250,000 saved, and he expects to earn 10% 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. HE DITED 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. 53 D E F G H Formulas #N/A #N/A A B 5 ars of retirement 25 6 Nation rate 5.00% 7 wings $250,000 8 ste of return 10.00% 9 10 alculate value of savings in 10 years: 11 vings at t = 10 12 alculate value of fixed retirement income in 10 13 ars: 14 tirement income at t = 10 15 alculate value of 25 beginning-of-year retirement 16 yments at t =10: 17 tirement payments at t = 10 18 19 alculate net amount needed at t = 10: 20 lue of retirement payments 21 lue of savings 22 Net amount needed 23 24 lculate annual savings needed for next 10 years: 25 inual savings needed for retirement 26 27 #N/A #N/A #N/A #N/A #N/A