Problem $6\mathrm{.}10$: Fernando Lopez is a $22$ year old college grad who just began working as a Cyber Security Analyst in the high tech industry. In addition to loving his new position, Fernando is an avid saltwater fisherman and takes advantage of going fishing whenever he can find the time.

Fernando remembers learning in his college finance course the benefit of starting to save for retirement as soon as he started working. The firm where Fernando works offers a defined retirement contribution plan that allows him to make equal yearly contributions and invest in a stock fund that earns $9\%$ interest annually.

Upon retirement, Femando plans to buy an awesome saltwater boat, which he estimates will cost him $$350,000$ in $43$ years, which is when he plans to retire $($at age $65).$ He also estimates that in order to live comfortably he will require a yearly income of $$135,000$ at the beginning of each year after he retires. Based on his family history, Fernando expects to live until age $95($that is$,$ he would like to receive $30$ payments of $$135,000$ at the beginning of each year$).$ When he retires, Fernando will purchase his boat in one lump sum and place the remaining balance into an account that pays $5$ percent interest, from which he will withdraw his $$135,000$ per year. If Fernando's first contribution is made one year from today, and his last is made the day he retires, how much money must he contribute each year to his retirement fund? Use excel formulas to solve.

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In $43$ years $($at age $65)$ he will need the following:

$$135K$ withdrawals

Boat

Total needed

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