Retirement Savings

You believe you will spend $$170,000$ a year for $29$ years once you retire in $17$ years. If the

interest rate is $11\mathrm{.}20\%$ per year. $($Do not round intermediate calculations. Round your

answer to $2$ decimal places.$)$

a$.$ How much must you need saved once

you reach retirement.

b$.$ how much must you save each year

until retirement to meet your retirement

goal?