3. The average retirement age is 60 and the life expectancy is 79 in the US. If on average a retiree needs a $4,500 monthly expense to live a comfortable life. Using an average 4.8% return rate on retirement account, what amount of saving is required to retire at 60 without worrying about financial future? (Assume no tax situation to consider)

4. If you start to contribute $550 at the end of every month into your retirement account, which earns a 7.2% APR on average, at age 30 after consulting with your financial advisor. Will you have enough money for retirement at age 60 according to your answer in Q3? (Assume no tax situation to consider