It is 2016, You have just graduated college, and tou are contemplating your lifetime budget. You think your general pre -retirement living expenses will average around $50000 a year. For the next 8 years, you will rent an apartment for $16000 a year (assume end of period payments). At the end of tear 8 you will want to buy a house that should cost around $250000. In addition you will need buy a new car roughly once wvery 10 years, starting now and continuing for the next 50 years, costing around $30000 each. In 25 years you will haveto put aside around $150000 to put a child through college, and in 30 tears you will need to do the same for spending of around $35000 a year on top of your Social Security benefits. The interest rate is 5% per tear. a). What average salary will you need to earn to support this lifetime consumption plan? average salary needed...? b). Whoops you realized that the inflation rate over your lifestyle is likely to average about 3% per year and you need to redo your calculations. As a rough cut, it seems reasonable to assume that all relevant prices and wages will increase at around the rate of inflation. What is your new estimate of the required salary (in todays dollars?