75. Retirement and Inflation. Redo part

(a) of Practice Problem 64, but now assume that the infla- tion rate over the next 50 years will average 4%. (L06)

a. What is the real annual savings the couple must set aside?

b. How much do they need to save in nominal terms in the first year?

c. How much do they need to save in nominal terms in the last year?

d. What will be their nominal expenditures in the first year of retirement? The last?