Module 2 Excel Exercise: Retirement Guidelines and Rubric For this exercise, you will have the opportunity to practice solving a simplified retirement problem. This should get you started thinking about how much you need to save today, in order to live comfortably after you retire. Refer to the optional videos or the required textbook readings for examples of how to solve this problem in Excel. Also review the Module 2 Excel Template, available in Blackboard. Note that you are not required to use this template for your submission, but may do so if you find it helpful for completing this assignment. For this exercise, you will have the opportunity to practice solving a simplified retirement problem. This should get you started thinking about how much you need to save today, in order to live comfortably after you retire. You are celebrating your birthday and also thinking about starting saving for your anticipated retirement in 40 years. You have collected the following information about retirement and retirement spending goals: Years until retirement Amount to withdraw in retirement Years to withdraw in retirement Interest rate 40 $100,000 20 8% Because you are planning ahead, the first withdrawal will not take place until one year after you retire. You also want to make equal deposit into your account for your retirement fund. a. Please quantify dollar amount of your retirement goal you would like to achieve when you retire. b. If you start making deposit in one year and make your last deposit on the day you retire, what amount must you deposit annually to be able to make the desired withdrawals at retirement. c. Suppose your employer will contribute to the account each year as part of the company's profit-sharing plan. Given the following information, what amount you must deposit annually now to be able to make the desired withdrawal at retirement? Employer's annual contribution Years of employer's contribution $2,000 40 To complete this exercise, create an Excel document to calculate the amount you must deposit annually to be able to make the desired withdrawal amount at retirement, assuming that you will make your first contribution in one year and make your last deposit on the day you retire. a. Please quantify dollar amount of your retirement goal you would like to achieve when you retire. b. If you start making deposit in one year and make your last deposit on the day you retire, what amount must you deposit annually to be able to make the desired withdrawals at retirement. c. Suppose your employer will contribute to the account each year as part of the company's profit-sharing plan. Given the following information, what amount you must deposit annually now to be able to make the desired withdrawal at retirement? Employer's annual contribution Years of employer's contribution $2,000 40 To complete this exercise, create an Excel document to calculate the amount you must deposit annually to be able to make the desired withdrawal amount at retirement, assuming that you will make your first contribution in one year and make your last deposit on the day you retire. I To make this calculation, follow the steps below: 1. First, calculate the present value (PV) of annuity to determine how much you expect to save for your retirement in 40 years based on your annual withdrawal amount and number of years of life after retirement 2. Then, calculate the annual payment amount needed to achieve your retirement goal Guidelines for Submission: Your exercise assignment should be submitted as a Microsoft Excel spreadsheet