Paapa Ntiamoah is 2 years older than his wife. His wife is 28 years old today, and he is planning to retire at the age of 60. As at 31st January 2021, his salary was GHS 120,000 and he expects to increase his salary at a rate of 5 percent per year as long as he works. To save for his retirement, Jojo Arhin (His Friend) advised him to make an annual contributions to a save as you go (retirement) account. After taking his friends advice, he plans to make his first contribution on his birthday (a day before his wifes 29th birthday) and will be 8% of his current salary. Moreover, he anticipates to deposit 12% of his current salary each year until he retires at age 60. At age 61 and each birthday after that, he will begin withdrawing equal annual payments to pay for his living expenses during retirement. Assuming that he expects to make a Transit to Glory after his 101st birthday (i.e. his last withdrawal will be on his 101st birthday) and with an interest rate at 7 percent per annum.

What is the closest amount of cash he will have to spend in each of his golden years of retirement, if he plans to live 101? [Make a detailed discussion on your solution]