Mukesh a 35 years old man is a self employed businessman, engaged in the business...

Mukesh a 35 years old man is a self employed businessman, engaged in the business of selling medical equipments and plans to retire from his business and hand it over to his children at age of 55, after which he wants to relax and enjoy his retired life. He is now earning around Rs. 4,00,000/- p.a. His life expectancy is another 15 years after retirement. After paying for his expenses he is able to save Rs. 85,000 /- p.a., and regularly invest it in a 6% p.a. investment plan.

Calculate what will be the Mukesh’s total accumulation at his retirement? And if he wants to spend 4,00,000/- per year at beginning and dies at the age of 70 and assuming that he leaves behind Rs. 1,00,000/- as estate, what will be the short-fall in corpus?