My friend wants to start contributing to her employer's 401(k) plan to save
money for retirement. She wonders how much she would save on her income taxes
by contributing to the plan. She says she can invest up to 7% of her income
into the plan, her current income is $45,000.00 per year and she is in the 15%
tax bracket. How would she create an Excel spreadsheet that outlines how much
she would save in taxes by contributing to her 401(k) plan and she would
provide the following investment choices: 1%, 2%, 3%, 4%, 5%, 6%, and 7%.