I have absolutely no Idaho how to do this problem. Please help!

27 Problem 5-74 Real versus Nominal Cash Flows (LO5) a. It is 2016, living expenses will average around $50,000 a year. For the next 8 years, you will rent an apartment for $16,000 a you've just graduated college, and you are contemplating your lifetime budget. You think your general pre-retirement points year (assume end- f period payments). At the end of Year 8. you will want to buy a house that should cost around $250000. In addition, you will need to buy a new car roughly once every 10 years, starting now and continuing for the next 50 years, costing around $30.000 each. In 25 years, you will have to putasidearound $150 00 to put a child through college, a d in 30 year you need to do the sam e for another child. In 50 years, you will retire spending of around $35,000 a year on top of your Social Security benefits. The interest rate is 5% per year what a vera you need to earn to support this lifetime consumption pl nearest whole dollar. All spending amounts are in real dollars.) and will need to have accumulated enough savings to support roughly 20 years of retirement an? (Do not round intermediate calculations. Round your answer to the Ask needed Print References b. who st u st realized that the in lation rate over your l et me is likely to average about 3% per year, andyou need to redo your calculations. As a rough cut, it seems reasonable to inflation. What is your new estimate of the required salary (in today's dollars)? (Do not round intermediate celculations. Round your answer to the nearest whole doller. All spending amounts are in real dollars) assume that all relevant prices and wages will increase at around the rate of New estimate of the required salary