An engineer who is now 65 years old began planning for retirement 40 years ago. At that time, he thought that if he had $1 million when he retired, he wouldhave more than enough money to live his remaining life in luxury. Assume the inflation rate over the 40-year time period averaged a constant 3.7% per year.a) What is the CV purchasing power of his $1 million at age 65? (Hint: Use the day he started 40 years ago as the base year.)b) How many future dollars should he have accumulated over the 40 years to have a CV purchasing power equal to $1.3 million at his current age of 65?

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