Russ and Cindy, both in their mid 20s, are newly weds! Since graduating college, Russ has been working at 3M and earns a salary of $50,000 annually. Cindy works in accounts payable at a local university and earns about $77,000 annually. a) Russ receives $3,000 in once a year interest income payments from that his deceased father set up for him. The amount will be the same for the next 20 years until the payments end. What will be the buying power of $3,000 in ten years if inflation rises at 3 percent a year? blank1 - Numeric Answer Type your answer here Please type your answer to submit b) Russ and Cindy have discussed starting a family but decided to wait five more years in order to get their careers moving along as well and getting their personal finances locked in. They also know that having kids is expensive. They estimate that an extra expense of a child would be about $16,000 a year through high school graduation. How much money will they likely total spend on a child over 18 years assuming 3 percent inflation? blank2 - Numeric Answer Type your answer here Round to the nearest cent.