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5. Growing Annuity Assume you want to retire in 35 years and save a $15,000 at the end of the first year. Assume you will earn 7% annually on your investment and you expect 2% inflation before retirement. After you retired, you expect to live for another 30 years. Assume you can earn a nominal annual rate of 4% and you expect inflation to be 3% during retirement. a) Calculate how much money you are accumulating by the time you retire if you increase your annual savings by the inflation rate. b) Calculate your real annual withdrawals over the next 30 years so as to maintain a constant standard of living. Assume the first withdrawal is made at the beginning of the year. D 16 24 15000 Fast arestat amount Aaringa! Yen M PV raha) 12000 1 2 LON RO PATIO TE is. TE 3 10 12 13 20 24 24 wa 33 32 34 B B C D I 7% 2% 15000 35 8 PMT N 1 2 3 15000 N 9 4 5 A 1 A) Inputs 2 Annual Rate during savings 3 Inflation during savings 4 First annual savings amount 5 Years of saving 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 E H 1 B) Input Annual Rate during Retirment Inflation durmg Retument Years in Retirment Accumulated Amount Inatial withdrawal (guess) 4% 3% 30 8 N PV PMT 120.000 Withdrawal Beginning Balance BOY Amount Withdrawn Investable Funds 81 91 10 11 121 131 14 15 16 17