A B C D E F G 1 Four Corners 2 3 Age 40 4 Current Salary $85.0CO WEB file 5 Current Portfolio $50,000 6 Annual Investment Rate 7 Salary Growth Rate FourCorners 8 Portfolio Growth Rate 9 10 Year Beginning Balance Salary New Investment Earnings Ending Balance Age 11 $5,100 $5.255 $60 355 41 12 $60.355 589.250 $5.354 56303 572.013 42 13 $72.013 593.713 $5.623 $7.481 585.118 43 14 $85,118 598 398 $5,904 599 829 44 15 $99,829 $103.318 $6.199 $10.293 $1 16.321 145 16 Play the role of Tom Gifford and develop a simulation model for financial planning. Write a report for Tom's boss and, at a minimum, include the following: 1. Without considering the random variability, extend the current worksheet to 20 years. Confirm that by using the constant annual salary growth rate and the constant annual portfolio growth rate, Tom can expect to have a 20-year portfolio of $772,722. What would Tom's annual investment rate have to increase to in order for his portfolio to reach a 20-year, $1,000,000 goal? Hint: Use Goal Seek. 2. For a review of Goal Seek, refer to Appendix A. 3. Redesign the spreadsheet model to incorporate the random variability of the annual salary growth rate and the annual portfolio growth rate into a simulation model. Assume that Tom is willing to use the annual investment rate that predicted a 20-year, $1,000,000 portfolio in part 1. Show how to simulate Tom's 20-year financial plan. Use results from the simulation model to comment on the uncertainty associated with Tom reaching the 20-year, $1,000,000 goal