ID $ 1,000,000 Year 1 Initial Savings 2 Withdrawal Rate 3 Inflation Rate 4 Rate of Return E Balance 1 $1,000,000 2 $1,007,000 3 $1,012,830 4 $1,017,372 5 $1,020,500 6 $1,022,078 7 $1.021.961 F G withdrawal New Balance End Balance $ 50,000 $ 950,000 $ 1,007,000 $ 51,500 $ 955,500 $ 1.012,830 $ 53,045 $ 959,785 $ 1,017,372 $ 54,636 $ 962,736 S 1,020,500 $ 56,275 $ 964,224 $ 1,022,078 $ 57,964 $ 964,114 $ 1,021,961 S 59.703 S 962.258 ls 1.019.994 This Excel spreadsheet maps out your annual withdrawals for 25 years from a retirement account starting with the given initial savings and a 5% withdrawal rate that increases with inflation. Assume an inflation rate of 3% and a rate of return on your investment of 6%, and determine how long your money will last. 1. The Withdrawal at first is a percentage of the year's starting balance using the withdrawal rate. Then it grows each year using the inflation rate. What formula is in cell F2? a. What formula is in cell F3 that can be filled down? 2. The New Balance is what is left in your account after subtracting the withdrawal from the balance. What formula is in cell G2 that can be filled down? 3. The End Balance is now the value of your account after it has grown for 1 year at the rate of return. What formula is in cell H2 that can be filled down? 4. The Balance should link to the Initial Savings at first, then it will link to the end balance of the previous year. What formula is in cell E3 that can be filled down? 5. If the rate of return doubles from 6% to 12%. Does the amount after 25 years also double