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 $45,000 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 4%. He currently has $150,000 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? De not round your interme Round your answer to the nearest cent.

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 fored retirement incom power at the time he retires as \$45,000 has today. (The real value of his retirement income will decline annually after he retires.) His retinement incor annually on his savings. The data has been collected in the Microsoft Excel Online file below, Open the spreadsheet and perform the required analysis 1 Open spreadsheet How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal? Do nok round your intermediate calculat nearest cent. Caveviate value of sevings in 10 reara. [Samigs at t=10 Cakulate value of fised retlement income in 70 years: Rotrement income ast =10 Calculare value of 25 beginning-of-year redirement peymenta at t=10 : Antromest parpheras at 1=10 Cakeulate annual suvings needed for next $0 veavs