John and Julie Johnson are interested in saving for their retirement. John and Julie have the same
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Question:
John and Julie Johnson are interested in saving for their retirement. John and Julie have
the same birthdayboth are years old today. They started saving for their retirement
on their th birthday, when they received a $ gift from Julies aunt and deposited
the money in an investment account. Every year thereafter, the couple added another
$ to the account. The first contribution was made on their th birthday and the
th contribution was made today on their th birthday. John and Julie estimate that
they will need to withdraw $ from the account years from now, to help meet
college expenses for their children. The couple plans to retire on their th birthday,
years from today. They will make a total of more contributions, one on each of their
next birthdays with the last payment made on their th birthday. If the couple
continues to contribute $ to the account on their birthday, how much money will
be in the account when they retire? Assume that the investment account earns
percent a year. how to solve this question on microsoft excel?
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