Question: Please do not solve it in excel and show your works step by steps:) thank you for effort A man is planning to retire in

Please do not solve it in excel and show your works step by steps:) thank you for effort

Please do not solve it in excel and show your works step

A man is planning to retire in 15 years. Money can be deposited at 4% interest compounded quarterly, and it is also estimated that the future general inflation rate will be 6% compounded annually. What amount of end-of quarter deposit must be made each quarter until the man retires so that he can make annual withdrawals of $80,000 in terms of today's dollars over the 20 years following his retirement? (Assume that his first withdrawal occurs at the end of the first six months after his retirement.)

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