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Today, Junior turns 30 years old. Junior also starts a new job today. His monthly net salary, payable at the end of the month, is

Today, Junior turns 30 years old. Junior also starts a new job today. His monthly net salary, payable at the end of the month, is Ghc2,000. Juniors boss has been impressed by Juniors competences during the interview, and has offered him a monthly raise of 0.1%, effective as of Juniors second month on the job. Exactly 10 years ago, Junior bought a condo, valued (as of ten years ago) in Ghc 150,000. Junior made a Ghc 20,000 down payment, and contracted a mortgage with a 5-year term and a 25-year amortization period. All due mortgage payments have been paid with an undisclosed revenue source (that revenue source is not relevant for this problem). Junior has since renewed his mortgage, but keeping the exact same conditions. Therefore, the 4% APR mortgage rate (compounded every six months) remains the same, and should not change in the future. Mortgage payments are due at the end of each month. Juniors average monthly expenses (not including mortgage payments) are currently Ghc 750, but Junior expects his monthly expenses to grow at an annual effective rate of 1%, starting next month (i.e. Juniors second month on his new job). Juniors expenses will continue to grow at that rate until Junior retires. There are no other expenses. Junior saves 80% of his disposable income (that is, his salary, minus expenses and mortgage payment). Junior invests all his savings in a security that guarantees a 6% effective annual return. Besides the savings described here, Junior has no other savings. The adequate rate of return to calculate the present and future value of cash flows is 6%, annual effective. On the day Junior turns 65 years old, he will retire and sell his condo (price : Ghc 175,000). Junior will invest all his accumulated savings and the proceeds from the sale of the condo in a security that guarantees a return of 3% effective annual. Junior is convinced that he will die on the day of his 88th birthday. He wishes to leave a Ghc 100,000 bequest to the Lost Cats Trust. Junior will also buy one gold ring on each of his 75th and 85th birthdays. Each ring costs Ghc 10,000. Given his financial situation, what will be Juniors monthly gross revenue (i.e. before expenses) during retirement, if we assume that Junior wishes this monthly revenue to be constant? Junior lives in a tax paradise where the tax rate is zero percent (0%)

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