He has estimated that the price of the house at his retirement will be Rs. 4000000. Calculate the amount of retirement corpus accumulated by him and the extra savings he has to make at the age of 38 in order to purchase the house?

Mr. Ravi aged 28 years is a marketing professional who earns a salary of Rs. 50000 p.m. He is very concerned about his retirement expenses. For the same he has started saving Rs. 6000 p.m. regularly in a bank fixed deposit paying an interest of 9.5% p.a. since the age of 23.

At the age of 38, he is thinking of buying a house on his retirement which is 25 years away.

He has estimated that the price of the house at his retirement will be Rs. 4000000. Calculate the amount of retirement corpus accumulated by him and the extra savings he has to make at the age of 38 in order to purchase the house? (Inflation rate = 3% p.a.)
A . Rs. 32617751 &Rs. 9281
B . Rs. 20036777 &Rs. 6870
C . Rs. 32617751 &Rs. 3281
D . Rs. 20036777 &Rs. 3500

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Answer: C