Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $40,000 has today. (The real value of his retirement income will decline annually after he retires.) His retirement income will begin the day he retires, 10 years from today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be 5%. He currently has $190,000 saved, and he expects to earn 8% annually on his savings. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal? Do not round your intermediate calculations. Round your answer to the nearest cent.

$20,000 10 Recured armly payments Refinement income today Years to retirement Years of retirement Inflation rate Savings Rate of retum Caboto value of avoin 10 years Savings at 10 5.00% 5190,000 8.00% Formulas UNA Cakto value of Grad rutrement income in 10 yours Refinement income att=10 ENA NA Calotato value of 25 beginning red playmobil Rotirement payments at t= 10 Cakto not our readed at r= 10 Value of retirement payments Value of savings Niet amount needed Cabo v noded for x 10 Annual savings needed for matement UNA ENIA UNA $20,000 10 Recured armly payments Refinement income today Years to retirement Years of retirement Inflation rate Savings Rate of retum Caboto value of avoin 10 years Savings at 10 5.00% 5190,000 8.00% Formulas UNA Cakto value of Grad rutrement income in 10 yours Refinement income att=10 ENA NA Calotato value of 25 beginning red playmobil Rotirement payments at t= 10 Cakto not our readed at r= 10 Value of retirement payments Value of savings Niet amount needed Cabo v noded for x 10 Annual savings needed for matement UNA ENIA UNA