Exercise PP4.3: Savings for Retirement Salary $45,000 . 3% annual raise . 10% salary saved each year . Invest at 4% . Horizon is 30 years . All in constant-value dollars Implement the solution to this problem in an excel spreadsheet. State all given information and explain formulas used and what excel functions were used, and why, and include additional assumptions made in solving the problem (i.e., used end of period convention, etc). the problem solution lecture chart is provided below for a doublecheck. Exercise PP4.3 Solution $45,000 Salary 3% Annual raise 10% Amount saved each year 4% Interest on investment 30 Horizon from bottom of table 30 106045 367261 Period Salary Savings 1 45000 4500 =Salary*$A$3 2 46350 9315 =" " +Savings *(1+SAS4) 3 47741 14462 4 49173 19957 5 50648 25820 6 52167 32070