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Mike currently 35, has $15,000 saved for retirement. He is currently saving $450 at the beginning of every month and his employer matches his total

Mike currently 35, has $15,000 saved for retirement. He is currently saving $450 at the beginning of every month and his employer matches his total savings contribution on a monthly basis. Mike projects that he could earn 7% on his savings. He plans to retire at 65 and expects to live until age 90. His current expenditure on basic needs at the beginning of every month is $2200 every month which is expected to increase with inflation of 4%. How much would be shortfall or excess in his retirement account?

$334,475 excess

$334,475 shortfall

$337,138 shortfall

$337,138 excess

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