2. Assume Jack is a bread winner for his family earning $150,000 per year net of taxes. His wife is not working, she takes care of their little children aged 2 and 4. They spend $1,800 per month on living expenses, and $1,200 for health, life and property insurance. Monthly mortgage payment is $1,500. Property taxes for car and home amount to $5,000 per year. Jack has a car that he drives to work. He wants to buy a minivan in the next several months for his wife and children to go around. That is estimated to cost around $35,000. The family wants to take summer vacations every summer and the estimated cost is $3,000 each summer. They want to save the rest of their income for the kids college education and their own retirement. Both Jack and his wife are 30 years old. a) Determine, approximately, how much they can invest every year. b) Design an investment policy statement with asset allocation plan for the family. Show the percentage of investment (at least with ranges) you would recommend for the family and describe your reasons and assumptions. Consider only cash, fixed income, and stocks as asset classes