Activity: Required Annuity Payments $1$

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Excel Online Structured Activity: Required anhuity payments

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 fred 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 dey he retire, $10$ years from today, at which time he will receive $24$ additional annual payments. Annual inflation is expected to be $4\%.$ He currently has $1205,000$ saved, and he expects to earn $10\%$ annually on his savings. The data has been collected in the Microsof facel Onine file below. Open the spreadsheet and perform the required anshyis to answer the auation below.

How much must he save during each of the neat $10$ years $($end$-$of$-$year deposits$)$ to meet his retirement goal? Do not round your intermediate calculations. Round your answer to the nearest cent.

$5$

$$

$$

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