QUESTION 9: RETIREMENT PLANNING Your client, Jimmy Chee, is 30 years old and currently pays RM120,000 annually. He plans to retire at age 55 and expects to expire at the ripe age of 75. Assume the following: The average inflation rate during his working life to be 5.5% per year. Desired annual income upon commencement of retirement is 60% of last drawn salary. By retirement age, he would have accumulated a total sum of RM2 million from EPF and his other investments. Average return on investments during his working and retirement period is 8% p.a. How much does he need to save annually to meet his retirement objective?

PLZ CALCULATES USING A FINANCIAL CALCULATOR OR DO IT MANUALLY(THE FORMULA)