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 $40,000 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 $160,000 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 HH 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 Required annuity payments 2 3 Retirement income today 4 Years to retirement 5 Years of retirement Intation rate Savings 8 Rate of retum 9 10 Calculate value of savings in 10 years 11 Savings at 10 12 $40,000 10 25 5.00% $160.000 10.00% Formulas WNIA NA 19 Calculate value offered redrenent income in 10 years 14 Retirement income at 10 15 Calculate value of 25 beginning-ofyear rement 16 payments at 10 17 Robrement payments at 10 18 19 Calculate net amount needed at 10: 20 Value of retirement payments 21 Value of savings 22 Net amount needed MNA SNIA NA NA