You will have to be able to solve this type of problem using Excel.

You are going to begin work when you turn 21. You plan to retire when you turn 71. You plan to save 10% of your salary every year. Your starting salary is going to be $50,000 per year. Your salary will increase by 4% per year. You plan to earn a 4% annual rate of return on your savings.

There is a brainstorm thread for this assignment.

When you retire what amount of money will be in your account?

You will withdraw and spend $10,000 from your account at the end of each year once you retire. Your first withdrawal will be when you are turn 76 (end of the year you retire). Your second withdrawal will be when you turn 77 and so on.

The balance of your savings will continue to earn interest at 4% per year.

How long will your retirement income last?