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Your best friends uncle, 45 needs your help to have a comfortable retirement with $1.00 million in his retirement account. Currently, he has only $

Your best friends uncle, 45 needs your help to have a comfortable retirement with $1.00 million in his retirement account. Currently, he has only $ 200,000 in his Retirement Plan that is earning at avg annual rate of 7.5%. He wants to know how much additional amount per month is required to be invested in his retirement to achieve his goal. Based on your Calculations, the answer is approximately:

a.

$1,445

b.

$195 pm

c.

No need to invest any more amount

d.

$16,425 pm

e. $ 2197pm

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