Make the following assumption about a person:

• Age is 40, retirement in 25 years.
• Salary is 100,000; growth rate per year is 4%.
• Interest rate is 10% (savings grow at 10%).
• A constant living standard is desired.
• Inflation (CPI rate) is 3%.
• Estimated years of retirement is 20.
• To maintain standard of living during retirement, one requires 80% of non-retirement expenditure

Calculate the stream of expenses possible with the assumed income (Hint: the PV of salary MUST EQUAL the PV of all expenses).