Question: Please answer ? and include all steps Problem 5-41 Retirement Savings (LO3) A couple will retire in 50 years: they plan to spend about $38,000

Please answer ? and include all steps

Problem 5-41 Retirement Savings (LO3) A couple will retire in 50 years: they plan to spend about $38,000 a year in retirement, which should last about 25 years. They believe. that they can earn 9% interest on retitement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 yeat. (Do not round intermediote colculations. Round your answer to 2 decimal ploces.) b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $68.000 on their child's college education? (Do not round intermediote calculations. Round your answer to 2 decimol places.)

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