In problem 2 below, I need help with questions 5 and 6. Please work out and show answer, dont copy and paste old answer. Problem 2)

Grady Zebrowski, age 25, just graduated from college, accepted his first job with a $50,000 salary, and is already looking forward to retirement in 40 years. He assumes a 3 percent inflation rate and plans to live in retirement for 20 years. He does not want to plan on any Social Security benefits. Assume Grady can earn an 8 percent rate of return on his investments prior to retirement and a 5 percent rate of return on his investments postretirement to answer the following questions using your financial calculator.

1. Grady wants to replace 90 percent of his current income. What is his annual need in todays dollars?

$50,000 x 90% = $45,000 annual need in todays dollar

Using Table 15.1, Grady thinks he might have an average tax rate of 14 percent at retirement if he is married.

3. Adjusting for taxes, how much does Grady really need per year, in todays dollars? $45000/1-0.14 = $52325.58

4. Adjusting for inflation, how much does Grady need per year in future dollars when he begins retirement in 40 years? Use the tax-adjusted income from part b. $52325.58 * (1 + 0.03) ^ 40 = $170688.02

5. If he needs this amount (from part c) for 20 years, how much does he need in total for retirement?

6. How much does Grady need to save per month to reach his retirement goal, assuming he does not receive any employer match on his retirement savings?