Question: IMPORTANT: SHOW YOUR DETAILED SOLUTIONS FOR EACH QUESTION. Explain what type of problem is it, explain which formula are you using, identify the variables in

IMPORTANT: SHOW YOUR DETAILED SOLUTIONS FOR EACH QUESTION.

Explain what type of problem is it, explain which formula are you using, identify the variables in the formula and explain where are you finding the respective values, and solve the calculation.

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of 75,000, and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 5 percent per year. Your salary will increase at 3 percent per year throughout your career. How much money will you have on the date of your retirement 35 years from today?

explain which steps buttons on excel did you use while delivering tthe computations

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