Create an excel solution for this problem and show steps.

Assume that you plan to retire 40 years from now and that you expect to need $2million to support the lifestyle that you want.

a) if the interest rate is 10%, is the following statement approximetly true? "waiting 5 years to start saving doubles what you must deposit each year."

b) if the interest rate is 12%, is the required multiplier higher or lower than for the 10% rate in a)?

c) At what interest rate is the following statement true? "waiting 5 years to start saving doubles what you must deposit each year."