A person would like to receive Rs.30000 monthly as pension after his retirement (60 years). To receive this amount, he plans to invest some equal amount every quarter when he attains the age of 42. He...

Extracted text: A person would like to receive Rs.30000 monthly as pension after his retirement (60 years). To receive this amount, he plans to invest some equal amount every quarter when he attains the age of 42. He continued this investment for 5 years. However, after 5 years he doubles the investment amount but invests with a frequency of semi- annual period for the next 10 years. During the last three years of his service, he invests an amount five times his initial investment, on a monthly basis. Assuming that he lives for 20 years after retirement, calculate the amount to be invested if the interest rate is 7 percent per annum compounded monthly during the first fifteen years and increases to 12 percent per annum compounded monthly thereafter.