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How much does have to save every month from now

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Problem 1: Mr. Chakraborty has been very optimistic about the growth of his business and enjoys life lavishly. At the same time, he is also planning to start saving money for his post retirement phase, which will start at age 65. He spends Rs. 45,000 per month now and increase in standard of living is 2% above inflation every year. He is 40 years old at present. Inflation rate is 5%p.a. and his life expectancy is assumed to be 80 years. How much does he have to save every month from now on if the rate of return on investments is assumed to be 13.25%

Reference no: EM132723893

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