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Good news: You will almost certainly be a millionaire by the time you retire in 50 years. Bad news: The inflation rate over your lifetime

Good news: You will almost certainly be a millionaire by the time you retire in 50 years. Bad news: The inflation rate over your lifetime will average about 3.3%. What will be the real value of $1 million by the time you retire in terms of todays dollars? Note: Enter your answers in whole dollars, not in millions. Do not round intermediate calculations. Round your answer to 2 decimal places. What real annuity (in todays dollars) will $1 million support if the real interest rate at retirement is 2.3% and the annuity must last for 20 years? Note: Enter your answers in whole dollars, not in millions. Do not round intermediate calculations. Round your answer to 2 decimal places.

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