7 2 points A couple will retire in 50 years; they plan to spend about $24,000 a year (in current dollars) in retirement, which should last about 25 years. They believe that they can earn a real interest rate of 7% 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 Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Print Annual savings S 974.65 b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $54,000 on their child's college education? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Annual savings 2.536.80 Chirk my w