Which of the following statements regarding the level payment approach for calculating the required savings payment (PMT) amount in retirement needs analysis in which the client's retirement income goal is expressed "in today's dollars" is CORRECT?

The amount the client must save in the early years is greater than the amount required under the level payment approach.
The amount the client must save increases every year.
The amount the client must save decreases every year.

The amount the client must save is the same every year.