CASE PROBLEM: RETIREMENT PLAN Tim is 37 years old and would like to establish a retirement plan. Develop a spreadsheet model that could be used to assist Tim with retirement planning. Your model should include the following input parameters: Tim's current age = 37 years Tim's current total retirement savings = $259,000 Annual rate of return on retirement savings = 4% Tim's current annual salary = $145,000 Tim's expected annual percentage increase in salary = 2% Tim's percentage of annual salary contributed to retirement = 6% Tim's expected age of retirement = 65 Tim's expected annual expenses after retirement (current dollars) = $90,000 Rate of return on retirement savings after retirement = 3% Income tax rate postretirement = 15% Assume that Tim's employer contributes 6% of Tim's salary to his retirement fund. Tim can make an additional annual contribution to his retirement fund before taxes (tax free) up to a contribution of $16,000. Assume that he contributes $6,000 per year. Also, assume an inflation rate of 2%. Managerial Report Your spreadsheet model should provide the accumulated savings at the onset of retire- ment as well as the age at which funds will be depleted (given assumptions on the input parameters). As a feature of your spreadsheet model, build a data table to demonstrate the sensitivity of the age at which funds will be depleted to the retirement age and additional pre-tax con- tributions. Similarly, consider other factors you think might be important. Develop a report for Tim outlining the factors that will have the greatest impact on his retirement