You plan on retiring in 40 years and will be making monthly deposits into a high-risk retirement plan giving a 6% annual return. You would like to maintain an income of $5,000 per month for the entirety of your retirement. You plan for 20 years of retirement. Suppose that your funds will be sitting in a 4% annual interest rate account while you are retired.

3.In B7, enter the number of years you will be retired.

4. In B8, enter the number of compounding periods per year during retirement.

5. In B9, use cell references to compute the number of compounding periods during retirement.

6. In C9, use FORMULATEXT() to show the formula used in B9.

7. In B11, enter the annual interest rate used during retirement.

8. In B12, use cell references to compute the compounding rate.

9. In C12, use FORMULATEXT() to show the formula used in B12.

10. In B14, enter the monthly income required during retirement.

11. In B16, use PV() or FV() to compute the funds required at retirement age for the desired monthly income.

12. In C16, use FORMULATEXT() to show the formula used in B16.

13. In B20, enter the number of years until retirement.

14. In B21, enter the number of compounding periods per year pre-retirement.

15. In B22, use cell references to compute the number of compounding periods during pre- retirement.

16. In C22, use FORMULATEXT() to show the formula used in B22.

17. In B24, enter the annual interest rate used during pre-retirement.

18. In B25, use cell references to compute the compounding rate used during pre-retirement.

19. In C25, use FORMULATEXT() to show the formula used in B25.

20. In B27, use a cell reference to display the goal amount saved during pre-retirement.

21. In C27, use FORMULATEXT() to show the formula used in B27.

22. In B29, use PMT() to compute the monthly deposit required to meet the goal.

23. In C29, use FORMULATEXT() to show the formula used in B29.

24. In A31, write a short sentence summarizing your computations and your retirement plan.

Retirement 40 7 Years 8 Periods per Year 9n 12 480 =B7*B8 10 11 Annual Rate 12 r 6% 3.333333333 =B7/B8 14 Payment 16 Funds Required: Pre-Retirement 20 Years 21 Periods per Year 22 n 23 24 Annual Rate 25 r 26 27 Goal 28 29 Payment 20