(Excel Formula) Mr Van Trapp k 30 years old today and has begun to plan for his retirement He wants to set aside an equal amount at the end of each month in the next 30 years so that he can retire at * 60 He expects to live to a maximum age of 80 and wants to be able to get an after tax payment of $2.500 per month from his account after retirement His retirement account is expected to eam 10% per annum with monthly compounding for the entire period of time. He has $6,000 in his savings account now, and also hopes to have $20.000 left at age 30 Suppose Mr. Van Trapp's company wil deposit $100 into his retirement account each month as well Type in the Excel formulas you should enter in the cells with bold borders in the table below to solve the following problems. Determine the pre-tax payment per month that Mr. Van Trapp needs after retirement assuming a tax rate of 15% (2 Points) b. Determine the amount of funds needed by Mr. Van Trung so that he will be able to get an after-tax payment of $2.500 per month after retirement and have $20.000 telt at the end of age 80.4 Points) Determine the amount of the monthly deposits that must be made by Mr Van Trapp before he retires. (4 Points) 1 Mr. Van Trapp's Retirement -- Monthly Interest Rate (with monthly compounding) 2 10% 3 4 After Retirement 5 Monthly Payments afler Retirement Tax Rate a. Pre-tax Payment $2,500 1546 6 2 8 9 20 10 Number of years in Retirement Amount Left at 80 b. Amount Needed at Age 60 $20,000 11 12 30 13 Before Retirement 14 Number of years to Invest 15 Current Savings 16 Company Monthly Deposits 17 c. Monthly Investments Needed S6.000 $100 (Excel Formula) Mr Van Trapp k 30 years old today and has begun to plan for his retirement He wants to set aside an equal amount at the end of each month in the next 30 years so that he can retire at * 60 He expects to live to a maximum age of 80 and wants to be able to get an after tax payment of $2.500 per month from his account after retirement His retirement account is expected to eam 10% per annum with monthly compounding for the entire period of time. He has $6,000 in his savings account now, and also hopes to have $20.000 left at age 30 Suppose Mr. Van Trapp's company wil deposit $100 into his retirement account each month as well Type in the Excel formulas you should enter in the cells with bold borders in the table below to solve the following problems. Determine the pre-tax payment per month that Mr. Van Trapp needs after retirement assuming a tax rate of 15% (2 Points) b. Determine the amount of funds needed by Mr. Van Trung so that he will be able to get an after-tax payment of $2.500 per month after retirement and have $20.000 telt at the end of age 80.4 Points) Determine the amount of the monthly deposits that must be made by Mr Van Trapp before he retires. (4 Points) 1 Mr. Van Trapp's Retirement -- Monthly Interest Rate (with monthly compounding) 2 10% 3 4 After Retirement 5 Monthly Payments afler Retirement Tax Rate a. Pre-tax Payment $2,500 1546 6 2 8 9 20 10 Number of years in Retirement Amount Left at 80 b. Amount Needed at Age 60 $20,000 11 12 30 13 Before Retirement 14 Number of years to Invest 15 Current Savings 16 Company Monthly Deposits 17 c. Monthly Investments Needed S6.000 $100