Problem 5: Saving for Future. Please fill in the cells highlighted in GREEN Your uncle is 55 years old today, and he wishes to start saving for his retirement.He already have $70,000 in his account. He will make deposit today and at the beginning of each of the next 9 years (i.e. on 55th, 56th, .., 64th birthday). He will retire on 65th birthday. From 65th birthday, he need to withdraw $80,000 at the beginning of each year for his living expense until his 79th birthday (i.e. 65th, 66th,..., 79th birthday). The interest rate is 8%. How much should he deposit each year if he wants to be fully funded for his retirement? Interest rate Years of deposit Initial Balance Annual deposit? Years of withdrawals Annual withdrawal 10 $70,000.00 15 80,000.00 Fill out the table and use Goal Seek to solve the problem Bank balance on birthday (at the beginning of each year) before deposit/withdrawal Deposit or withdrawal o birthday (at beginning of year) End of year with interest Birthday Total Goal Seek $70,000.00 1200000 56 57 58 59 60 61 62 63 64 65 67 68 69 70 71 72 73 74 75 76 ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) ($80,000.00) 78 78 79 ($80,000.00) 80,000.00 Solve the problem using PV, FV, and PMT Let PV of future living expenses at 65th birthday FV of annual deposit at 65th birthdayFV of Initial $70,000 asset at 65th birthday PV of future living expenses at 65th birthday $739,538.96 FV of initial $70,000 at 65th birthday Net Future Value of annual deposit needed at 65th birthday Annual deposit? $0.00 Let PV of future living expenses at 55th birthday PV of annual deposit at 55th birthday PV of Initial $70,000 asset at 55th birthday PV of future living expenses at 55th birthday PV of future living expenses at 55th birthday Net Present Value of annual deposit needed at 55th birthday Annual deposit