You are currently 55 years old and intend to retire at age 60. To make your retirement easier, you intend to start a retirement account. At the beginning of each years 1, 2, 3, 4 (that is, starting today and at the beginning of each of the next four years), you intend to make a deposit into the retirement account. You assume that the account will earn 8% per year. After retirement at age 60, you anticipate living 8 more years. At the beginning of each of these years, you want to withdraw $30,000 from your retirement account. Your account balances will continue to earn 8% annually. The following figure depicts the timeline. As a challenging problem faced by the retirement plan, one primary question is: How much should you deposit annually in the account?

please show excel functions

present value

annuity