PVA = PMT(((1-(1+r)^-t) / r))

FVA = PMT((1+(r/12)^t(12)) -1) / (r/12)

You are currently 25 years old and want to retire in 40 years at age 65. You want to have $150,000 per year to live on until your death at age 90, as you plan on living 25 years after retirement. Note the inflation rate is expected to be 3% at the time of your retirement. If annual interest rates on average are 8.5%, how much money per MONTH do you have to put into an account in order to reach your goal? (Hint: the 150,000 is ANNUAL payments and use the inflation rate to discount the cash flows. Secondly, divide the rate by 12 & multiply t by 12 for the second part as I want you to calculate the MONTHLY investment amount needed to reach your goal. Also note you need to use the investment rate for that part)