Florence has just turned $48.$ She would like to retire at $67.$ Starting today, $[$Assume January $2024]$

Florence commits to contributing $16,000$ per annum into her retirement fund. She expects to

be able to increase her annual contribution to her pension fund by $0\mathrm{.}5\%$ per annum starting

next year $($next year her contribution will have increased by $0\mathrm{.}5\%$ compared to today's$).$ The

expected return on the fund is $4\%$ per year. Starting from $67,$ Florence hopes to draw down

$30,000$ per year for the next $26$ years $($in total $26$ pension payments$)$ until $($and included$)$ she

is $92$ years old. Assume that all payments $($deposits and pension payments$)$ occur at the

beginning of the year.

Part I: All questions in Part I must be answered on the same worksheet.

Create a spreadsheet that shows by year, the Jan $1^{st}$ balance, the cash flows $($deposit $/$

pension payments$),$ interest on the fund, and the Dec ${31}^{st}$ balance. Is Florence saving

enough? Explain your answer.

Use Solver to calculate the max pension contribution available based on the post$-$

retirement income requirement. $*$

Provide screenshots of the solver function and paste same into your excel page