final-exal AutoSave om & 3 Insert Draw Page Layout Formulas Home Data Review View Tell me Calibr (Body) 12 Wrap Text General Paste i ! B A Merge & Center D10 fx AB C D E F G H 1 Q1 2 3 4 Shawn Spencer just turned 41 and realized that he has not saved any money for retirement. Shawn would like to retire as soon as he turns 66 in 25 years. He wants to save enough money so that he can withdraw $86,000 at the beginning of each year during retirement. If he expects to live until the day he turns 81, how much will he need to have saved by the time he retires? Assume that he will be able to earn an annual rate of 4% during retirement. (5 points) 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Total Savings Needed Shawn plans to make the first deposit into his retirement account at the end of the year, and to make equal sized deposits at the end of each year until he retires. If his account is able to earn 8.5% each year until he retires, how large will each deposit need to be to fully cover his expenses during retirement? (5 points) Annual Deposit Amount Directions 01 02 03 04 od Ready 6 @