* Use excel and create a table as shown below * upload file or take screenshots of formulas used on excel. *And explain Process

1. You start work at age 25 at a starting salary of $70,500/year. You expect that over your professional career your yearly raises will average 4%, and that you will be able to save 9% of your yearly salary. a. Given that you earn an average return of 5.5%/year on your savings, how much will you have for retirement 41 years later (i.e., at age 66)? b. Consider the same starting conditions as above (e.g., starting salary of $70.5k), but now suppose that instead of starting your savings plan when you are 25, you delay until you are 50 (1.e., your first cash flow is when you are 51, representing your salary the previous year). How much will you have for retirement at age 66? Please solve using Excel. Savings Accumlated 66 MARR 5.50% % Salary sa 9.00% Start salary $70,500 Ave. raise Start @ 25 Start @ 50 4.00% Salary Ave. raise Total Salary Saving from salary eturn on Investment 5.5 Saving Towards Retirment Time 0 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Age 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 61 62 63 64 65 66