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How much must he save each year

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Mr. X, who is 60, plans to retire in 2 years, and he expects to live independently for 3 years. Suppose Mr. X wants to have a real income of P400,000 in today's peso each year after he retires. His retirement income will start the day he retires, 2 years from today and he will receive a total of 3 retirement payments. Inflation is expected to be constant at 5%. Mr. X has P1,000,000 in savings now. And he can earn 8% on savings now and in the future. How much must he save each year, starring today, to meet his retirement goals?

Reference no: EM132571519

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