'Q3: Retirement Planning. A couple will retire in 50 years, which should last about 25 years. They believe that they can earn 8% (nominal) interest on retirement savings but they realize that the...

'Q3: Retirement Planning. A couple will retire in 50 years, which should last about 25 years. They believe that they can earn 8% (nominal) interest on retirement savings but they realize that the annual inflation rate is 4%. The couple really wants to consume $30,000 a year in
real
dollars during retirement.

a) What is the
real
amount of saving they need to accumulate by the time they retire?

b) How much will they have to save each year for the next 50 years, in
real
dollars, to reach your retirement income goal? '

Please explain.