Answer the question in the attachment and show your work.

4]. Retirement Savings. A couple will retire in 50 years; they plan to spend about $30,000 a year in retirement. 1which should last about 25 years. They believe that they can earn 3% interest on retirement savings. (IDS-3) a. b. If they make annual payments into a savings plan, how much will they need to save each year? Assume the rst payment comes in 1 year. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $150,000 on their child's college education