Excel Online Structured Activity: Required annuty 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 wants a fertrement come that has the same purchasing power at the time he retires as $45.000 has today. (The real value of his retirement income will decline annusly after he retires.) His retirement Income will begin the day he retires, 10 years from today, at which time he will receive 24 additional and payments. Annual nation is expected to be the currently has $235,000 saved, and he expects to earn annually on his savings. The data has been collected in the Microsoft Excel Online te below. Open the spreadsheet and perform the required analysis to answer the question below. Open spreadsheet How much must he save during each of 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. Check My Wor Ret Problem Format Painter 3 to Format Undo Clipboard Font Alignment Number B11 D E F 3 Retirement income today 4 Years to retirement 5 Years of retirement 6 Inflation rate 7 Savings 8 Rate of return 9 10 Calculate value of savings in 10 years: 11 Savings at t = 10 12 B $45,000 10 25 4.00% $235,000 9.00% Formulas #N/A #N/A #N/A 13 Calculate value of fixed retirement income in 10 years: 14 Retirement income at t = 10 15 Calculate value of 25 beginning-of-year retirement 16 payments at t =10: 17 Retirement payments att - 10 18 19 Calculate net amount needed at t= 10: 20 Value of retirement payments 21 Value of savings 22 Net amount needed 23 24 Calculate annual savings needed for next 10 years. 25 Annual savings needed for retirement 26 Sheet1 #N/A #N/A #N/A WNIA Calculation Mode: Automatic Workbook Statistics