I am new to TVM and am having a hard time with the attached question in excel.

Can anyone help me fill it out/answer it showing the formulas so I have a base of ref in the future.

k. You just turned 55 (sorry) and are planning to retire in 10 years. You currently have $500,000 in your pension fund. Based on the longevity pattern of your family, you assume you will live 20 years past your retirement age; during each of those years you desire to withdraw $100,000 from your pension fund. If the interest rate is 5% annually, how much will you have to save annually for the next 10 years to meet your retirement goal. Assume that the first deposit to your pension fund will be today (annuity due), followed by nine more annual deposits; the annual withdrawals from age 65 will occur at the beginning of each year and after your 20th withdrawal your pension fund will have a zero balance. (1) solve the problem using the PV and Pmt wizzard using the template below. Pension savings today Annual desired pension payout Number of years until retirment Number of payout years after retirement Interest rate 500000 100000 10 20 0.05 Present value today of all future retirement payments Annual payment needed to fund (2) Use the following template and Goal Sek to find the answer Annual desired pension payout Annual Payment Interest rate 100000 0.05 Deposit or Account (withdraw balance al) beginning beginning Interest earned Age of year of year during the year 55 0 500000 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 0 0 0 0 0 0 0 0 0 -100000 -100000 -100000 -100000 -100000 -100000 -100000 Account balance end of year To get the dialog box click on D then What If Analysis, then Go 72 73 74 75 76 77 78 79 80 81 82 83 84 -100000 -100000 -100000 -100000 -100000 -100000 -100000 -100000 -100000 -100000 -100000 -100000 -100000 To get the dialog box click on Data, then What If Analysis, then Goal Seek