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Suppose that you are currently 2 1 years old and expect to retire from work when you are 6 5 years old. Once retired, you

Suppose that you are currently 21 years old and expect to retire from work when you are 65 years old. Once retired, you expect to live until you are 90 years old. You anticipate that you will need $80,000 per year when retired to maintain your standard of living. Assuming that you can save at an interest rate of 8.00% while working and an interest rate of 3.00% while retired, determine the following values:
A. The amount you will need to save by the time you retire to meet your needs in retirement and
B. The annual amount that you will need to save each year while you are working to have enough saved by the time you retire
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