Problem 5-41 Retirement Savings (L03) A couple wil retire in 50 years, they plan to spend about $40,000 a year in retirement which should last about 25 years. They believe that they can earn 7% interest on terrement savings a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual saving 1106.64 b. How would the answer to part to change if the couple also realize that in 20 years they will need to spend $70,000 on their child's college education? (Do not round intermediate calculations. Round your answer to 2 decimal places)