An associate created a worksheet to help people plan retirement based on a set of annual…

An associate created a worksheet to help people plan retirement based on a set of annual contributions to a retirement account. A user indicates the age to start contributions, projected retirement age, the number of years in retirement, and the rate of return expected to earn on the money when the user retires. The worksheet determines the total amount the user will have contributed, the amount the user will have accumulated, and the value of the monthly retirement amount. However, the worksheet contains errors. You will use the auditing tools to identify and correct errors. Then you will specify validation rules to ensure users enter valid data. This exercise follows the same set of skills as used in Hands-On Exercise 3 in this chapter. Refer to Figure 34 as you complete this exercise.

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a. Open e08p2retire, and then save it as e08p2retire_LastnameFirstname.

b. Click cell B14, click the Formulas tab, and then click Trace Precedents in the Formula Auditing group.

c. Click the Error Checking arrow in the Formula Auditing group, and then select Error Checking.

d. Click Show Calculation Steps in the Error Checking dialog box. The Evaluate Formula dialog box opens, showing the formula and stating that the next evaluation will result in an error. Click Evaluate to see the error replace the argument in the function: #DIV/0!. Click Step In to see the value, and then click Step Out to return to the evaluation. Repeat the Step In and Step Out process, and then click Close. Click Next in the Error Checking dialog box, and then click OK in the message box. Find the 0 in cell B9, and then change it to 12.

e. Click Remove Arrows in the Formula Auditing group to remove the precedents arrow.

f. Click Watch Window in the Formula Auditing group, and then click Add Watch. Move the dialog boxes so that you can see the data, select the range B12:B14, and then click Add.

g. Create a data validation rule to ensure the retirement age is greater than 59.5 by doing the following:

• Click cell B5, click the Data tab, and then click Data Validation in the Data Tools group.

• Click the Settings tab, click the Allow arrow, and then select Decimal.

• Click the Data arrow, and then select greater than or equal to.

• Type 59.5 in the Minimum box.

• Click the Input Message tab, and then type Retirement Age in the Title box.

• Type Federal law does not permit payout prior to 59.5. in the Input message box.

• Click the Error Alert tab, click the Style arrow, and then select Warning.

• Type Invalid Data in the Title box, type Age must be greater than 59.5. in the Error message box, and then click OK.

h. Adapt step g to create a validation rule for cell B6 to ensure the rate of return will not exceed 8%. Include appropriate titles and messages.

i. Adapt step g to create a validation rule for cell B8 to ensure the rate of return during retirement will not exceed 7%. Include appropriate titles and messages.

j. Type 50 in cell B5. Click No when the error message displays, change the value to 60, and then press Enter.

k. Type 8.5% in cell B6. Click No when the error message displays, change the value to 8%, and then press Enter.

l. Type 7.5% in cell B8. Click No when the error message displays, change the value to 7%, and then press Enter. Close the watch window.

m. Create a footer with your name on the left side, the sheet name code in the center, and the file name code on the right side.

n. Save and close the workbook, and submit based on your instructor’s directions.

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