Suppose once again that: the real return averages 6% per year, that you're 22 and you put away 1000 in a tax-exempt ISA and you won't touch the money until you're 70.

1. (a)If inflation averages 2% between now and your 70th birthday, how muchnominalmoney would you get from your investment?
2. (b)What was the nominal "total interest rate" (in %) that you got over the 48 years?
3. (c)If you want to use up a constantrealamount of the money that you saved inpart(a) each year after you retire, and you expect to live forever, how much can you consume each year?

Please explain clearly the each formula used etc