You estimate that by the time you retire in 35 years you will have accumulated savings of $2 million. The interest rate is 8% and you live 15 years after retirement. Required: (a) Calculate the annual amount of expenditure for the period after your retirement that the savings can support. (5 marks) (b) Assume a 4% inflation rate and work out a spending program for your $2 million in retirement saving that will allow you to adjust your expenditure in line with the inflation. (5 marks) (c) Briefly discuss the impact of inflation in your retirement income