imple calculations for inflation use the same formulas as compound interest. For example, $3\%$ inflation is similar to compounding at $3\%$ interest. Using your current salary of $$70,000,$ how much you will need annually to live on in $35$ years, forecast what that will be when you retire if you assume annual inflation of $3\mathrm{.}0\%.$ Use the EXCEL function to get your answer in the cell indicated