Mr Robert is planning for his retirement in the years to come when he will reach 55. He wants to spend $11500 at the end of each year during his retirement period which he has estimated to be 20...

Mr Robert is planning for his retirement in the years to come when he will reach 55. He wants to spend $11500 at the end of each year during his retirement period which he has estimated to be 20 years. Assuming a rate of interest of 7% per annum,calculate the lump sum he has to save by the age of 55.