$1$ PARTIAL CREDIT$--$ You must use Excel equations and functions $(30$ pts$)$

Michael is planning his retirement $30$ years from now.

Michael plans to withdraw $$15,000$ per month from his retirement account for $15$ years and then $$7,500$ a month for the following $10$ years. He will withdraw from this account for a total of $25$ years. He plans to have $$500,000$ for his heirs at the end of the retirement period. Michael will earn $4$ percent compounded monthly during the retirement phase of his life.

He plans to save $$500$ each month for the next $30$ years $($ordinary annuity$).$ What APR must Michael earn during his savings period assuming monthly compounding?

What APR must Michael earn during his savings period assuming monthly compounding?

$1$ PARTIAL CREDIT$-$You must use Excel equations and functions $(30$ pts$)$

$2$ Michael is planning his retirement $30$ years from now.

$3$

$4$

Michael plans to withdraw $$15,000$ per month from his retirement account for $15$ years and then $$7,500$ a month for the following $10$ years. He will withdraw from this account for a total of $25$ years. He plans to have $$500,000$ for his heirs at the end of the retirement period. Michael will earn $4$ percent compounded monthly during the retirement phase of his life.

He plans to save $$500$ each month for the next $30$ years $($ordinary annuity$).$ What APR must Michael earn during his savings period assuming monthly compounding?

What APR must Michael earn during his savings period assuming monthly compounding?

Saving Period

$17$ Initial Balance

$18$ Total Length

$19$ Savings amount

$20$ Rate during Savings $($APR$)$

$21$

$22$ Retirement Period

$23$ Withdrawal Period I

$24$ Withdrawal amount in period I

$25$ Withdrawal Period $2$

$26$ Withdrawal amount in period $2$

$27$ Inheritance

$28$ Rate during Retirement

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