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 would have more than enough money to live his remaining life in luxury. Use an average inflation rate of 4% per year over the 40-year time period. (a) What is the constant-value dollar amount of his $1 million now at age 65? Use the day he started 40 years ago as the base year. (b) How many then-current (future) dollars should he have accumulated over the 40 years to have a constant-value purchasing power equal to $1 million at retirement age?