Mr. Emre has reached his sixtieth birthday and is ready to retire. Mr. Emre has no formal education in finance, but he saved his money and invested carefully. Emre Bey has a house and wants to inherit...

Mr. Emre has reached his sixtieth birthday and is ready to retire. Mr. Emre has no formal education in finance, but he saved his money and invested carefully. Emre Bey has a house and wants to inherit this house to his children. Mr.Emre saved 300000 USD by making an investment. Investments provide a 12 percent return. In addition, Mr. Emre has a deposit account of USD 50000 in Gelişim Bank with interest payments every three months and an interest rate of 10%. Emre Bey wants to keep this account intact for unexpected expenses or emergencies. Mr. Emre's basic living expenses are currently on average 2500 USD per month. He has to rely on his portfolio to maintain this planned standard of living. The return of Mr. Emre's portfolio is 36000 USD per year (12 percent of 300.000 USD) or 3000 USD per month. Suppose that Emre Bey will live another 15 years and is willing to use his entire investment portfolio during this time. He also wants his monthly spending to increase with inflation in this period. In other words, he wants his monthly spending to remain the same in real value. In this case, how much can Emre Bey spend per month? Note: Suppose in the question that investment savings continue to yield 12 percent returns and the inflation rate will be 5 percent.