John turned 35 today, and he is planning to save $7000 per year for retirement, with the first deposit to be made one year from today. He will invest in a mutual fund that is expected to provide a return of 7.5% per year. He plans to retire 30 years from today, when he turns 65, he expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can he spend each year after he retires? Under these assumptions, how much can be spend each year after he retires? His first withdrawal will be made at the beginning of his first retirement year.
Please show as an excel document