Boris recently turned 30, an event causing him to give thought to some long-range financial planning. He believes that, if he owns a home and is debt-free by age 60, he and his partner can retire and live comfortably on an annual income that is equivalent to $40,000 today. Fill in the cells of the following table with the nominal annual income needed to satisfy this criterion at each age under each of three inflation rate scenarios. 
Definitions:
Agreement
One of the four elements necessary for a contract; consists of an offer made by one party, the offeror, and the acceptance of the offer by another party, the offeree.
Agent
Describes a person or entity authorized to act on behalf of another, known as the principal, in dealings with third parties.
Principal
In a contractual or fiduciary relationship, the principal is the party who authorizes an agent to act on their behalf.
Authority
The power or right to give orders, make decisions, and enforce obedience.
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