Create a new workbook in Excel. Please include an input area and an answer area for...

Create a new workbook in Excel. Please include an input area and an answer area for each problem. You will have an answer for each bullet point. Formatting is up to you. Just make sure it is easy to tell where your answers are, and what equation you used in excel to get the answer.

2. If a 6.5 percent annual return can be expected: • How much would a 20-year old person have to put into a retirement fund each month to have $1,000,000 in the fund upon retirement at age 65? •

What would the contribution be if they had started investing at age 25? •

At age 35?

Expert Solution

Since the contributions commence at the age of 20, 25 and 35 years, it is assumed that the payments are made at the beginning of each month, commencing on the respective birthday. Hence payments constitute Annuity Due.

The monthly contributions are as follows:

Commencing at the age of 20: $308.07

Commencing at the age of 25: $435.54

Commencing at the age of 35: $899.14

Excel worksheets of all the three scenarios are appended below:

jeff jeffy answered 1 year ago

Create a new workbook in Excel. Please include an input area and an answer area for...

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Create a new workbook in Excel. Please include an input area and an answer area for...

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