2. Carl, age 34, currently makes $70,000. His wage replacement ratio is determined to be 90 percent. He expects inflation will average 3 percent for his entire life expectancy. He expects to earn 5.5 percent on his investments and retire at age 67. Based on family history, he expects to live to age 90. He has received his Social Security benefit statement, which indicated that his Social Security retirement benefit in today's dollars is $12,000 per year. A. Calculate Carl's capital needed at retirement at age 67