Question: please answer using excel and explain 10) You have just retired with $1,000,000 in savings. This is the amount that you will be drawing down

please answer using excel and explain

10) You have just retired with $1,000,000 in savings. This is the amount that you will be drawing down for the rest of your life. You expect to earn 6% and withdraw $70,000 per year. You also want to leave an inheritance of $100,000 to your favorite charity. How long can you rely on your savings? Assume that your first withdrawal will occur one year from today. Use Excel's =NPER(RATE,PMT,PV,[FV],[TYPE]) function. RATE is 6%, PMT is $70,000,PV is $1,000,000,FV is $100,000, and TYPE is 0 since payments are made at the end of the period. If the [type] argument is omitted, it takes on the default value of 0

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