The question is asking to use the template below (22 years - 64 years) to illustrate Penny's retirement fund growing during her working years, until she is 65 yeats old.

Part B is asking to use a two way table to show Penny's end of year account balance at age 64 for a range of different interest rates.

29 2 C H Worksheet 2 of 4 3 2 input cells we highlighted in blue results and calculation cells are highlighted in two shades of yellow these ells should only contain cell references and formulas (L, NO HARDCODED NUMBERS) G 7 Retirement Planning Penny turns 22 today and she plans to retire on her 65th birthday. Her salary for the upcoming year is $50000 and she expects her income to grow by 2% per year over the course of her career. Penny knows it is time to start saving for retirement so she will start to contribute 10% of her annual salary to her retirement fund (1.e. her 401K) at the end of each year starting this year until her final year of work. Also, Penny believes that she can earn 8% annually compounded interest on her investments, 20 2a) Use the template below to illustrate how Penny's retirement fund will grow during her working years. 15 26 17 18 19 20 21 22 23 Inputs: Current age Current salary Salary growth rate Investment Rate Percentage of salary contributed to retirement plan 50,000 14 End of year contribution to Annual salary retirement plan Tad of year balance in retirement plan 22 23 Remember - intl One exception to 24 25 26 27 28 29 30 31 32 25 26 27 28 29 30 31 32 33 344 35 34 35 36 37 38 Future Value of an Annuity Retirement Planning 1 Reaching a Goal Loan Interest Rates + Ready . 12 B C D 55 55 57 58 59 GO 51 52 63 64 55 66 67 68 T 52 53 54 55 56 57 58 59 60 61 62 64 1b) Use a two way table to show Penny's end of year account balance at age 64 (se, the day before Penny turns 65) for a range of different interest rates (column values) and initial salaries (row values). 69 70 End of Year Account Balance At Age 64 (le, on the day Penny turns 65) percentage of salary contributed to retirement plan 3% 5% 1096 12% 0% 15% 71 72 73 74 75 76 77 78 79 BO 81 82 83 interest rates 494 6% 8% 10% 124 84 85 Loan Interest Rates + Future Value of an Annuity Reaching a Goal Retirement Planning 1 Ready