I need step by step help to how to solve this in excel. Please be as detailed as possible.- GOD BLESS AND THANKS FOR YOUR HELP!

Benedict's Retirement Planning

Benedict is a 37 years old and would like to establish a retirement plan. Develop a spreadsheet model that could be used to assist Benedict with retirement planning.

Your model should include the following input parameters:

*** Benedict's current age= 37 years

***Benedict's current total retirement savings= $259,000

***Annual rate of return on retirement savings= 4%

***Benedict's current annual salary= $145,000

***Benedict's expected annual percent increase in salary= 2 percent/year

***Benedict's own percentage own percentage of annual salary contributed to retirement= 6%

***Benedict's expected age of retirement= 65

***Benedict's expected annual expenses after retirment (current dollars)= $90,000

***Rate of return on retirement savings after retirement= 3%

***Income tax rate postretirement= 15%

Assume that Benedict's employer contribute 6% of Benedict's salary to his retirment fund in addition to the money Benedict himself puts aside. Benedict can make an additional annual contribution to this retirement fund before taxes (tax free) up to a contribution of $16,000. Assume he contributes $6,000 per year. Also, assume an inflation rate of 2%.

Managerial Report:

Your spreadsheet model should provide the accumulated savings at the onset of retirement as well as the age at which funds will be depleted (give assumptions on the input parameters). As a feature of your spreadsheet model, build a data table to demonstrate the sensitivity of the age at which funds will be depleted to the retirement age and additional pre-tax contributions. Similarly, consider other factors you think might be important.

Develop a report of Benedict outlining the factors that will have the greatest impact on his retirement.