You are planning to save $$1M($one million dollars$)$ for retirement over the

next $30$ years. If you are earning interest at the rate of $6\%$ and you live

$20$ years after retirement, what annual level of living expenses will those

savings support?

In question $8,$ Suppose your retirement living expenses will increase at an

annual rate of $3\%$ due to inflation. Determine the annual spending plan for

the first year of retirement in line with your inflation.