A couple will retire in 50 years; they plan to spend about Rs. 300,000 a year in retirement, which should last about 20 years. They believe that they can earn 10% interest on retirement savings.

a.if they make annual payment into a savings plan how much will they need to save each year? Assume the first payment comes in 1 year.(Show the information on number line)[1]

b.what change will you bring in the result of part "a" above, if the couple realizes that in 20 years, they will need to spend Rs. 600,000 on their child's college education. (Show the information on number line)[1]