John would like to retire in 40 years from now. So far he has accumulated 75 000 euros but would like to have at least 1.5 million euros by the time he is going to retire. What should be additional annual investments Peter has to make in order to accumulate the necessary saving for retirement? Now assuming that Peter has a life expectancy of 20 years after the retirement, what is going to be his monthly pension? You may assume (for simplicity) 3% nominal annual yield throughout all years.