Jordan wants to retire in 15 years when he turns 65. Jordan wants to have enough money to replace 75% of his current income less what he expects to receive from Social Security at the beginning of each year. He expects to receive $20,000 per year from Social Security in todays dollars. Jordan wants to assume a 6% after-tax annual investment rate of return and assumes that inflation will be 4% per year. Jordan expects that he will live to be 95 years old. He makes the maximum 401(k) contribution allowed. If Jordan currently earns $100,000 per year and he expects his raises to equal the inflation rate, approximately how much does he need at retirement to fulfill his retirement goals?

1,268,887

2,178,055

2,585,195

1,869,499

please explain in excel