22. Phil and Mary, both 45 years old, are married and have one child, age 10. They plan to pay for his college at an in-state university from age 18 to 23 and they would like to retire at age 62. They have provided the following financial data. Joint employment income $200,000 John's 401(k) plan contributions $16,500 Mary's IRA contributions $3,000 John's 401(k) plan employer match $5,000 Annual gifts from John's parents $10,000 Total Investment Assets $380,000 Total Cash and Cash Equivalents $100,000 From the goals and data given, which of the following statements is/are correct? (Do not make assumptions that are not stated) 1. Phil and Mary's investment assets to gross pay ratio is adequate for their age with a benchmark of 3-4:1. 2. Phil and Mary's savings rate is appropriate for their goals if the benchmark is 10- 15%. a. 1 only. b. 2 only. c. Both 1 and 2. d. Neither 1 nor 2