You are presently 20 years old, recently married and have no savings. Based on your retirement income finance plan above calculate the following:

a) Show all mathematical workings and formulas to calculate the amount of money you need to deposit into your superannuation fund monthly during your working years to meet your above retirement plan for superannuation.

b) Calculate the individual annual deposits required for all years prior to your retirement in a table with appropriate headings. Show that this calculation method yields the same result as part a).

INCOME NEEDED FOR RETIREMENT Retirement Age Death Age Years of Retirement Income 14 Target Retirement Income (today's dollars) | Annual Inflation 2.5%