QUESTION 8: RETIREMENT PLANNING A. Your client, Daniel Ng, is 35 years old and currently drawing RM108,000.00 annually. He plans to retire at age 60 and expects to expire at the ripe age of 80. Assume the following: The average inflation rate during his working life to be 5.00% p.a. and expect his annual salary will increase by this rate. Desired constant annual income upon commencement of retirement is 60% of last drawn salary. By retirement age, he would have accumulated a total sum of RM1.75 million from EPF and his other investments. The average return on investments during his working and retirement period is 8.5% p.a. How much does he need to save annually to meet his retirement objective?

PLEASE USE FINANCIAL CALCULATOR (SO I KNOW HOW TO PUT THE VALUES IN) AND NOT EXCEL FORMULAS.