Georgia McBeal is trying to save for her retirement. She believes she can earn 10% on average each

year on her retirement fund. Assume that at the beginning of each of the next 40 years, Georgia will

allocate x dollars to her retirement fund. If at the beginning of a year Georgia has y dollars in her fund,

by the end of the year, it will grow to 1.ly dollars. How much should Georgia allocate to her retirement

fund each year to ensure that she will have $1 million at the end of 40 years? What key factors are

being ignored in this analysis of the amount saved for retirement? Please do not use financial

functions. Hint: Use Goal Seek.

This is the excel formulas I have so far but I cannot receive the correct answer for beginning and ending. Am I missing a formula ? Also what would be the inputs for goal seek ? I have the Set Cell as C46 to Value: 1,000,000 by changing cell B4.

1 Milions of Savings 2 Saving For Retirement 0.1 3 Target 1000000 4 Annual Earning in fund 5 6 Retirement fund amounts Beginning End 7 Year 1 =B4 =B7*(1+$B$2) 8 Year 2 =C7 =B8*(1+$B$2) 9 Year 3 =C8 =B9*(1+$B$2) 10 Year 4 =C9 =B10*(1+$B$2) 11 Year 5 =C10 =B11*(1+$B$2) 12 Year 6 =C11 =B12*(1+$B$2) 13 Year 7 =C12 =B13*(1+$B$2) 14 Year 8 =C13 =B14*(1+$B$2) 15 Year 9 =C14 =B15*(1 +$B$2) 16 Year 10 =C15 =B16*(1+$B$2) 17 Year 11 =C16 =B17*(1+$B$2) 18 Year 12 =C17 =B18*(1+$B$2) 19 Year 13 =C18 =B19*(1+$B$2) 20 Year 14 =C19 =B20*(1+$B$2) 21 Year 15 =C20 =B21*(1+$B$2) 22 Year 16 =C21 =B22*(1+$B$2) 23 Year 17 =C22 =B23*(1+$B$2) 24 Year 18 =C23 =B24*(1+$B$2) 25 Year 19 =C24 =B25*(1+$B$2) 26 Year 20 =C25 =B26*(1+$B$2) 27 Year 21 =C26 =B27*(1+$B$2) 28 Year 22 =C27 =B28*(1+$B$2) 29 Year 23 =C28 =B29*(1+$B$2) 30 Year 24 =C29 =B30*(1+$B$2) 31 Year 25 =C30 =B31*(1 +$B$2) 32 Year 26 =C31 =B32*(1+$B$2) 33 Year 27 =C32 =B33*(1+$B$2) 34 Year 28 =C33 =B34*(1+$B$2) 35 Year 29 =C34 =B35*(1+$B$2) 36 Year 30 =C35 =B36*(1+$B$2) 37 Year 31 =C36 =B37*(1+$B$2) 38 Year 32 =C37 =B38*(1+$B$2) 39 Year 33 =C38 =B39*(1+$B$2) 40 Year 34 =C39 =B40*(1+$B$2) 41 Year 35 =C40 =B41*(1+$B$2) 42 Year 36 =C41 =B42*(1+$B$2) 43 Year 37 =C42 =B43*(1+$B$2) 44 Year 38 =C43 =B44*(1+$B$2) 45 Year 39 =C44 =B45*(1 +$B$2) 46 Year 40 =C45 =B46*(1+$B$2)