In this exercise, you will use Excel to calculate Mr. Ecks’ economic net worth and his amount of constant consumption and savings using the information that is provided below. • Mr. Ecks is 35 years old. • Mr. Ecks currently makes $50,000 per year. He expects his salary will grow by 1.5% per year until he retires. • He plans to retire at age 70. • He estimates his implicit liabilities (e.g., food, rent, clothing) are $20,000 per year and expects that it will grow by 1% per year. • He expects that he will live until age 95. • Mr. Ecks makes $50,000 per year. • His current bank accounts include a savings account with $25,000, another savings account with $15,000, and a checking account with $15,000. • He has $200 in cash, and stock investments valued at $8,000. • He has other personal property (furniture, electronics) valued at $5,000. • He holds three credit cards. The current balances and interest rates on these cards are $500 (12%), $1500 (15%), and 2500 (18%). • He owns a car valued at $8,000. The balance on his auto loan is $2000. • He has a house valued at $240,000 and his mortgage balance is $217,000. Using information from the previous exercises, add Mr. Ecks’ gross human capital and lifetime implicit liabilities to his balance sheet and calculate his economic net worth. Calculate his constant consumption. Then, create a second spreadsheet that shows Mr. Ecks’ estimated annual consumption (constant), savings, and accumulated financial capital over his lifetime. Assume a discount rate of 5%.