(Solved): Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he ...

Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is \( 85 . \) He wants a fixed retirement income retires.) His retirement income will begin the day he retires, 10 years from today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be \( 5 \% \). He currently has \( \$ 160,000 \) saved, and he expects to earn \( 9 \% \) annually on his savings. The data has been in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below. Open spreadsheet How much must he save during each of the next 10 years (end-of-year deposits) to meet his retirement goal? Do not round your intermediate calculat Round your answer to the nearest cent.