Tim is 37 years old and would like to establish a retirement plan. Below is his current profile: Age: 37 Salary: $ 145,000 Expected annual percentage increase in salary: 2% Percentage of annual salary contributed to retirement: 6% Current total retirement savings: $ 259,000 Annual rate of return on retirement savings: 4% Expected age of retirement: 65 Expected annual expenses after retirement (currently): $90,000 Rate of return on retirement savings after retirement: 3% Income tax rate postretirement: 15%Assume that Tims employer contributes 6% of his salary to his retirement fund. Tim can make an additional annual contribution to his retirement fund before taxes (tax free) up to a contribution of $16,000. Assume that he contributes $6,000 per year. Also, assume an inflation rate of 2%

Your Spreadsheet model should provide the accumulated savings at the onset of retirement as well as the age at which funds will be depleted (given assumptions on the input parameters).

As a feature of spreadsheet model, build a data table to demonstrate the sensitivity of the age at which funds will be depleted to the retirement age and additional pre-tax contributions. Similarly, consider other factors you think might be important.

Develop a report for Tim outlining the factors that will have the greatest impact on his retirement.