use spreadsheet to answer

Computer Questions (use a spreadsheet to solve the following question; don't forget your name and student number in the right hand header). 7. You are planning to retire in 40 years and want to have enough money to provide an annual retirement income of $50,000 for 20 years. (a) Assuming the first $50,000 is paid one year after you retire, calculate the lump sum needed on the day you retire to provide this annual income for 20 years. Use interest rates 1'\") = 4%, 5%, 6%, 7%, 8%, 9% and 10%. (2 marks) (b) For your answer in (a) where i\") = 4%, calculate the deposit needed every year for 40 years to achieve the required lump sum, assuming interest rates i\") = 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% and 10%. Assume the deposits are made at the end of each year (so the nal deposit is made on the day you retire). Repeat for the other 6 interest rates and lump sums that you calculated in (a). (3 marks) (c) For the i\") = 6% scenario (the scenario where deposits earned 6% and withdrawals earned 6%), calculate the value of your savings account at the end of each year for the full 60 year period. Start with a balance of $0 at time 0, and then calculate the balance at the end of each year until time 60 (where the balance should be $0). Then mph the results. (3+3 = 6 marks)