Marcia, age 56, is starting to think about retirement. She plans to retire at age 65 and she expects to liver to age 90. She estimates that she will need $50,000 per year, after-tax, in retirement to give her the lifestyle she wants. She will receive an indexed pension of $30,000 per year, before-tax. She will also receive a retirement pension of $700 per month from the Canada Pension Plan (CPP) and $600 per month in retirement income from the Old Age Security program. CPP and OAS payments are before-tax. She currently has $70,000 in her RRSP. For planning purposes, Marcia is using an 8% nominal rate of return on savings before retirement and a 6% nominal rate of return during retirement. Inflation is expected to remain at 2% per year throughout her lifetime. The tax rate applicable to Marcias situation is 25%

Question: In percentage terms (e.g. 3.2345%), what is Marcias real rate of return before and after retirement? (ROUND TO 4 DECIMAL PLACES) Show all the work