6. Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 28 years and anticipate they will need funding for an additional 17 years. They determined that they would have a retirement income of $50,000 in today's dollars, but they would actually need $69,512 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely functheir income shortfall, assuming a 3 percent inflation rate and a retum of 12 percent. Click on the table icon to view the FVIF lable! Click on the table icon to view the PVIFA lable? The total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 3 percent inflation rate and a retum of 12 percent le $ . (Round to the nearest cent.) 1: Data Table 24 25 26 27 28 Compound Sum of $1 (FVIF) 3.00% 2.0328 2.0938 2.1506 2.2213 2.2879 2.3566 2.4273 2.5001 2.5751 2.6523 2.7319 2.8139 2.00% 1.6084 1.6406 1.6734 1.7069 1.7410 1.7758 1.8114 1.8476 1.8845 1.9222 1.9607 1.9999 4.00% 2.5633 2.6658 2.7725 2.8834 2.9987 3.1187 5.00% 3.2251 3.3864 3.5557 3.7335 3.9201 4.1161 4.3219 4.5380 4.7649 29 30 31 32 3.2434 3.3731 3.5081 3.6484 3.7943 3.9461 33 34 5.0032 5.2533 5.5160 35 2: Data Table 3.00% 10.6350 8.00% 7.9038 9.00% 7.4869 10.005 7.1034 13 14 15 7.0054 8.3577 8.7455 9.1079 9.4460 9.7632 10.0591 10.3356 16 17 18 19 2.00% 11.3484 12.1062 12.8193 13.5777 14.2919 14.9920 15.6785 18.3514 17.0112 17.6580 18.2922 18.9139 19.5235 20.1210 20.7069 4.00% 9.9856 10.5631 11.1184 11.5523 12.1667 12.6593 13.1339 13.5903 14.0292 14.4511 14.8568 15.2470 15.6221 15.9928 16.3296 Present Value of an Annuity (PVIFA) 5.00% 6.00% 9.3936 8.8527 9.8986 9.2950 10.3797 9.7122 10.8378 10.1059 112741 10.4773 11.6896 10.8276 12.0853 11.1581 12.4622 11.4699 12.8212 11.7641 13.1630 12.0416 13.4886 12.3034 13.7986 12.5504 14.0939 12.7834 14 3752 13.0032 14.8430 13.2105 8.2442 8.5595 8.8514 9.1216 9.3719 9.6036 9.8181 11.2961 11.9379 12.5611 13.1661 13.7535 14.3238 14.8775 15.4150 15.9369 16.4436 16.9355 17.4131 17.8769 18.3270 7.7862 8.0607 8.3126 8.5436 8.7556 8.9501 9.1285 20 7.3667 7.6061 7.8237 8.0216 8.2014 8.3849 8.5136 8.6487 8.7715 8.8832 8.9847 9.0770 9.1609 9.2372 21 9.2922 9.4424 10.5940 10.8355 11.0812 11.2722 11.4693 11.6536 11.8258 11.9867 22 23 24 10.0168 10.2007 10.3711 10.5288 10.6748 10.8100 10.9352 25 26 8.5802 9.7066 9.9226 9.9290 10.0266 27 6. Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 28 years and anticipate they will need funding for an additional 17 years. They determined that they would have a retirement income of $50,000 in today's dollars, but they would actually need $69,512 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely functheir income shortfall, assuming a 3 percent inflation rate and a retum of 12 percent. Click on the table icon to view the FVIF lable! Click on the table icon to view the PVIFA lable? The total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 3 percent inflation rate and a retum of 12 percent le $ . (Round to the nearest cent.) 1: Data Table 24 25 26 27 28 Compound Sum of $1 (FVIF) 3.00% 2.0328 2.0938 2.1506 2.2213 2.2879 2.3566 2.4273 2.5001 2.5751 2.6523 2.7319 2.8139 2.00% 1.6084 1.6406 1.6734 1.7069 1.7410 1.7758 1.8114 1.8476 1.8845 1.9222 1.9607 1.9999 4.00% 2.5633 2.6658 2.7725 2.8834 2.9987 3.1187 5.00% 3.2251 3.3864 3.5557 3.7335 3.9201 4.1161 4.3219 4.5380 4.7649 29 30 31 32 3.2434 3.3731 3.5081 3.6484 3.7943 3.9461 33 34 5.0032 5.2533 5.5160 35 2: Data Table 3.00% 10.6350 8.00% 7.9038 9.00% 7.4869 10.005 7.1034 13 14 15 7.0054 8.3577 8.7455 9.1079 9.4460 9.7632 10.0591 10.3356 16 17 18 19 2.00% 11.3484 12.1062 12.8193 13.5777 14.2919 14.9920 15.6785 18.3514 17.0112 17.6580 18.2922 18.9139 19.5235 20.1210 20.7069 4.00% 9.9856 10.5631 11.1184 11.5523 12.1667 12.6593 13.1339 13.5903 14.0292 14.4511 14.8568 15.2470 15.6221 15.9928 16.3296 Present Value of an Annuity (PVIFA) 5.00% 6.00% 9.3936 8.8527 9.8986 9.2950 10.3797 9.7122 10.8378 10.1059 112741 10.4773 11.6896 10.8276 12.0853 11.1581 12.4622 11.4699 12.8212 11.7641 13.1630 12.0416 13.4886 12.3034 13.7986 12.5504 14.0939 12.7834 14 3752 13.0032 14.8430 13.2105 8.2442 8.5595 8.8514 9.1216 9.3719 9.6036 9.8181 11.2961 11.9379 12.5611 13.1661 13.7535 14.3238 14.8775 15.4150 15.9369 16.4436 16.9355 17.4131 17.8769 18.3270 7.7862 8.0607 8.3126 8.5436 8.7556 8.9501 9.1285 20 7.3667 7.6061 7.8237 8.0216 8.2014 8.3849 8.5136 8.6487 8.7715 8.8832 8.9847 9.0770 9.1609 9.2372 21 9.2922 9.4424 10.5940 10.8355 11.0812 11.2722 11.4693 11.6536 11.8258 11.9867 22 23 24 10.0168 10.2007 10.3711 10.5288 10.6748 10.8100 10.9352 25 26 8.5802 9.7066 9.9226 9.9290 10.0266 27