PLEASE USE EXCEL TO FIND THE ANSWERS

Prof. Finance wants to retire in 5 years and is looking at what needs to be added to their retirement account based on the following assumptions and wants. A monthly rate of return of 0.5% (6% APR) before and after retirement $700,000 currently in their University retirement account A monthly retirement income of $8000 for 20 years. Please answer the following, assume all deposits and all retirement income withdrawals are at the end of each month. 1. How much will Prof. Finance need upon retirement in 5 years? 2. How much will Prof. Finance need to deposit each month for the next 5 years to fund the amount above in question 1