Use the following information to answer questions 10-13: David, age 45, wants to retire at age 60 . He curtently makes $60,000 per year and does not expect any pay inkreaser but expechs to receive a cost-of -living increase equal to inflation. He has an objective fo replace B0s of his rie-retirement income. He wants the retirement income to be inflation adjusted. His portfolio is currently valued at $150.000 and eaming 10% per year. Duvid epects inflation to average 3% and expects to ine until age 90 . He saves 7% of his gross income at each year end and expects to continue this level of savings. David wants to ignore Social Security. How much would Bavid need to increase his savngs on a MONTHLY basis to emeet hin goal of retiring at age 6or Select one: a. 57 APO b. $450 c. \$8.020 d. 56,120 e. $8,220