An individual planning to retire at the end of three years has savings of approximately S212,000. In his planning, he uses a thirty-year life expectancy in retirement. He calculates his spending needs at S30.000 per year. He thinks he can earn 11 percent or more annually on the stock market. The risk-free rate is three percent. How much should this individual have saved to meet his pseudo-liabilities of $30,000 per year? Can he meet his spending needs by investing his $212,000 in the stock market?