If you are a student you will probably not retire for many years. Your retirement income,then, is an annuity that wont begin until you retire. You are 23 years old and you would like to retire in 40 years. You would like to receive $6,000 at the beginning of each month for 30 years after you have retired. Assume you can invest your money today at 7% until retirement and further assume that you will earn 4% during retirement. a) How much money do you need at the point of retirement (assume monthly compounding)? b) How much money would you need to invest today if you dont want to make any monthly savings (assume annual compounding)? c) How much money would you need to invest at the end of each month to reach your goal (assume monthly compounding)? d) How much money would you need to invest at the end of each month to reach your goal (assume annual compounding)?

Please do this in excel and show how you use the formula?