Expected Inflation = Expected Remaining Life in Months at Retirement - Needed per month retirement income (assume annual compounding). FV 42 years = $8,000 (1. 2 = $8,000 Calculation of Total amount Needed in retirement account one month (month 503) before retirement. PVA enth, 503 = $ [1-(1+0. 0. s 5% Premium and Insurance Company total price Price = $ (1.050) = Value of Current Savings in 503 months (assuming monthly compounding. FV803 months = $80,000 (1._ 7503 = $80,000 =$ Total New Additional Saving needed by month 503 - *$ Saving Each month for next 503 Months. FVA= ---[+7)* - * )-- Then, A=*$ =$ per month Expected Inflation = Expected Remaining Life in Months at Retirement - Needed per month retirement income (assume annual compounding). FV 42 years = $8,000 (1. 2 = $8,000 Calculation of Total amount Needed in retirement account one month (month 503) before retirement. PVA enth, 503 = $ [1-(1+0. 0. s 5% Premium and Insurance Company total price Price = $ (1.050) = Value of Current Savings in 503 months (assuming monthly compounding. FV803 months = $80,000 (1._ 7503 = $80,000 =$ Total New Additional Saving needed by month 503 - *$ Saving Each month for next 503 Months. FVA= ---[+7)* - * )-- Then, A=*$ =$ per month