(6) Mr. Bryan Low, aged 42 is currently planning for retirement and wonders at his intended retirement age of 65 what sum he should have accumulated in order to retire comfortably. His current monthly expenditure is $7,000, but he will finish paying his monthly mortgage repayments of $2,000 before he retires. He is also confident of achieving a nominal rate of return of 6% on his capital sum upon retirement. The average inflation rate in Singapore is approximately 3%, and mortality age for men is at 80. What is the capital sum Mr. Bryan Low will require at age 65 to retire? (8 marks)