You are planning to save $$1$ million for retirement over the next $30$ years.

a$.$ If you are earning interest at the rate of $6\%$ and you live $20$ years after retirement $(10$ YEARS OF RETIREMENT SAVINGS LEFT from the $30$ years$),$ what

annual level of living expenses will those savings support?

b$.$ Suppose your retirement living expenses will increase at an annual rate of $3\%$ due to

inflation. Determine the annual spending plan in line with your inflation.