couple will retire in 50 years; they plan to spend about $30,000 per year in retirement, which should last about 25 years. They believe that they can earn 8% 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 is made in one year.(Round your answer to the nearest cent.)Annual savings$

b.How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $60,000 on their child's university or college education?(Round your answer to the nearest cent.)Annual savings$