Question: Please solve using excel functions Today is your 40th birthday. You expect to retire at age 67, and actuarial tables suggest that you will live

Please solve using excel functions
Please solve using excel functions Today is your 40th birthday. You expect

Today is your 40th birthday. You expect to retire at age 67, and actuarial tables suggest that you will live to be 100. You want to move to Hawaii when you retire. You estimate that it will cost you $200,000 to make the move (on your 67th birthday). Starting on your 67th birthday and ending on your 99th birthday, your annual living expenses will be $25,000 a year. You expect to earn an annual return of 6.% on your savings. (12 points) a. How much will you need to have saved by your retirement date? b. For this part, assume that you already have $60,000 in savings today. How much would you need to save today and at ages 41 to 66 to be able to afford this retirement plan? C. If you did not have any current savings and did not expect to be able to start saving money for the next 5 years (that is, your first savings payment will be make on your 45th birthday), how much would you have to set aside each year after that to be able to afford this retirement plan

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