Nolan, aged 45, owns a house which is now worth $635,000. He plans to live in his house until he is 75, then sell it, move into a retirement apartment, and live off the proceeds until he dies which he expects will be at age 90. He expects his house will increase at a real rate of return of 3% p.a. If his house increases in value by 2% in real return p.a., how much less per year will he have to live on, assuming he sells the house as planned and invests the proceeds at 5% real return? Note: Show all steps and values input in the financial calculator.