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Mr . Tedd E . Bear wants to start saving for retirement. He estimates that he will withdraw $ 1 4 4 , 0 0
Mr Tedd E Bear wants to start saving for retirement. He estimates that he will withdraw $ per year, at the beginning of every year, during retirement. His money will earn APR during this time. Additionally, he expects his retirement to last years. At the end of his retirement, Mr Tedd E Bear would also like to donate $ to charity. He currently has $ in savings that he will invest in an account that pays APR. If Mr Tedd EBear has years until retirement, what is the yearly investment he needs to make to reach his goal? Assume that the contributions will be made at the end of the year. Additionally, please construct the following:
a A table that shows the yearly contributions made by Mr Tedd E Bear to reach his retirement goal ie prior to retirement Hint: The ending balance should equal the amount he needs to save for retirement.
Enter the table in cells M:Q
The table should span periods to
The table must only include relative and absolute references.
The formulas entered in period should be able to be copied down to the end of the table.
b A table that shows the yearbyyear balance on the account after retirement. Hint: At the end of the th year, the balance should be equal to zero after the contribution to charity.
Enter the table in cells X:AC
The table should span periods to
The table must only include relative and absolute references.
The formulas entered in period should be able to be copied down to the end of the table.
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