Problem 1 [10 Points] How much will an employee's portfolio be worth after working for the company 30 years more? The Human Resource department at EooCarnifex Corporation was asked to develop a financial planning model that would help employees address this question. Frank Joseph was asked to lead this effort; and he has decided to begin developing a nancial plan for himself rst. Frank has a degree in business and at the age of 25 in 20l6. Htthe beginning of 2010, he is making the annual salary $34,000 and has accumulated a portfolio valued at $14,500. Frank made the following assumptions: a] 5% annual salary growth is reasonable. b) He plans to contribute 4% of his monthly salary throughout each year. c] 10% annual portfolio growth seems reasonable. {1} Develop an Excel worksheet that calculates and shows the value at the end ofeach year ofFranl-r's portfolio aer he will work for the company 35 years more {i.e., at the end of2050}. {5 Points} {2} If Frank plans to work for the company 30 years more instead and hopes to accumulate a portfolio valued at $11000=000 for his retirement by the end oflal. Can he do it":J Why or why not. Please explain in detail. Ifnot, what he should do? {3 Points] Frank has presented his ndings based upon the above assumptions to his boss but his boss does not agree with it. Instead his boss made the following assumptions. a] The annual salary growth should not be constant. It should vary oor 0 to 10% following a uniform probability distribution. b) The annual portfolio growth rate should be approximated by a normal probability distribution with a mean of 10% and a standard deviation of 5%. {3} Develop an Exoel worksheet with this new information and then use @Risk to perform this simulation that calculates and shows the value at the end of each year of Frank's portfolio after he will work for the company 33 years more [i.e.._ at the end of2050). {5 Points]: {4} Attach the simulation graph result at the end of35 years more as an output. [4 Points) {3} Based upon the graph result; what is the probabilitythat Frank will have at least $1,0001000 ofhis portfolio value ibr his retirement at the end of2050'? {3 Pointsj Submit your solution including the answers om {l} to [5:]