10) A person needs $30,000 per annum starting when he turns 60 years and retires (on the same day) with a life expectancy of 90 years. His current age is 40 and the person is expected to receive gratuity of $150,000 at the time of retirement. Compute the saving required if the return expected before retirement of 12%.

10) A person needs $30,000 per annum starting when he turns 60 years and retires (on the same day) with a life expectancy of 90 years. His current age is 40 and the person is expected to receive gratuity of $150,000 at the time of retirement. Compute the saving required if the return expected before retirement of 12%