29. Bill Gross, the "Bond King", argues that we will have a new normal of low rates for a generation. If his prediction is correct, it could affect your retirement. Financial planners typically assume that a "balanced" portfolio will return a periodic rate of 0.667% compounded per month (or 8% APR). Assume you start from zero and invest the same amount at the end of each month. a) Let's assume Bill Gross is correct about a new normal of low rates. How much will you need to save each month if you plan to have $1,000,000 in 40 years when you retire using a "new normal" low return with a periodic rate of 0.333% compounded per month (or 4\% APR)? Show calculations or calculator inputs