11 Problem 5-41 Retirement Savings (LO3) ts A couple will retire in 50 years; they plan to spend about $34,000 a year in retirement, which should last about 25 years. They believe that they can earn 7% interest on retirement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Annual savings IS 1,042,87 x b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $64,000 on their child's college education? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Annual savings $ 2,919.69 x