27 Problem 5-74 Real versus Nominal Cash Flows (LO5) you've just graduated college, and you are contemplating your lifetime budget. You think your general pre-retirement living expenses will average around $50,000 a year. For the next 8 years, you will rent an of-period payments). At the end of Year 8, you will want to buy a house that should cost around $250,000. In addition, you will need to points car roughly once every 10 years, starting now and continuing for the next 50 years, costing around $30,000 each. In 25 ill have to put aside around $150,000 to put a child through college and in 30 years you! years, you ed to do the same for another child In 50 years. you will retire and will need to have accumulated enough savings to support roughly 20 years of retirement spending of around $35,000 a year on top of your Social Security benefits The interest rte is 5% per year what average salary wil eBook you need to earn to support this lifetime consumption plan? (Do not round intermediate calculations. Round your answer to the nearest whole doller. All spending amounts are in real dollars.) verage salary needed Print References b who ps! You ust realized that the inflation rate over your lifetime is likely to average about 3% per year, and you need to redo your calculations. As a rough cut, it seems reasonable to assume that all relevant pr ices and wages will Increase at around the rate of on. What is your new estimate of the required salary (in today's dollas)? (Do not round intermediate colculations. Round your answer to the nearest whole dollar. All spendingmounts are in real dollars ) New estimate of tho required salary