The purchasing power P (in dollars) of an annual amount of A dollars after t years of 5% inflation decays according to the following formula.

P = Ae^0.05t

(a) How long will it be before a pension of $70,000 per year has a purchasing power of $30,000? (Round your answer to two decimal places.) t = yr (b) How much pension A would be needed so that the purchasing power P is $50,000 after 19 years? (Round your answer to the nearest dollar.) $