Assume that you plan to retire in 45 years and that you estimate you will need an income of $200,000 on the day you retire and an equivalent amount, adjusted for inflation, at the beginning of each year for a total of 35 years. You will take a world-wide cruise 10 years after you retire and estimate the cost to be $100,000.
Assume that you will earn 12.00 percent during your working years and 6.00 percent after you retire. You anticipate that your salary will grow at an average rate of 4% each year. The expected rate of inflation after you retire is estimated to be 3.5%.
You will make annual contributions to your retirement fund at the end of each year while working. How much must you save in the first year so that you will meet these goals?
Can you please answer using Excel
Based on the given data, pls find below workings:
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