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Ch 7 A couple will retire in 50 years; they plan to spend about $30,000 a year (in current dollars) in retirement, which should last about 25 years. They believe that they can earn 8% interest on retirement savings. The inflation rate over the next 75 years is expected to average 5%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) 5 nts Skipped a. What is the real annual savings the couple must set aside? Assume they will discontinue saving when they retire. b. How much do they need to save in nominal terms in the first year? c. How much do they need to save in nominal terms in the last year? d. What will be their nominal expenditures in the first year of retirement? e. What will be their nominal expenditures in the last year of retirement? eBook Print eferences b. Real annual savings Nominal savings in first year Nominal savings in last year c. d. Nominal expenditures in first year of retirement Nominal expenditures in last year of retirement