Anne-Marie and Yancy calculate their current living expenditures to be $61,000 a year. During retirement they plan to take one cruise a year that will cost $5,000 in today's dollars. Anne-Marie estimated that their average tax rate in retirement would be 17 percent. Yancy estimated their Social Security income to be about $17,858 and their retirement benefits are approximately $33,574. Use this information to answer the following questions: a. How much income, in today's dollars, will Anne-Marie and Yancy need in retirement assuming 70 percent replacement and an additional $5,000 for the cruise? b. Assuming the 17 percent income tax estimate during retirement, wat is their tax-adjusted need from part a? c. Calculate their projected annual income shortfall in today's dollars. d. Determine, in dollars, the future value of the shortfall 33 years from now, assuming an inflation rate of 4 percent. e. Assuming a nominal rate of return of 8 percent and 26 years in retirement, calculate their necessary annual investment to reach their retirement goals. Present Value of an Annuity (PVIFA) n 1% 2% 3% 4% 5% 6% 7% 8% 9% 15 13.8651 12.8493 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 8.0607 7. 16 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 7. 17 15.5623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8. 18 16.3983 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8. 19 17.2260 15.6785 14.3238 13.1339 12.0853 11.1581 10.3356 9.6036 8.9501 8. 2018.0456 16.3514 14.8775 13.5903 12.4622 11.4699 10.5940 9.8181 9.1285 8. 21 18.8570 17.0112 15.4150 14.0292 12.8212 11.7641 10.8355 10.0168 9.2922 8. 22 19.6604 17.6580 15.9369 14.4511 13.1630 12.0416 11.0612 10.2007 9.4424 8. 23 20.4558 18.2922 16.4436 14.8568 13.4886 12.3034 11.2722 10.3711 9.5802 8. 24 21.243418.9139 16.935515.2470 13.7986 12.5504 11.4693 10.5288 9.7066 8. 25 22.0232 19.5235 17.4131 15.6221 14.093912.7834 11.6536 10.6748 9.8226 9. 26 22.7952 20.1210 17.8768 15.9828 14.3752 13.0032 11.8258 10.8100 9.9290 9. 27 23.5596 20.7069 18.3270 16.3296 14.6430 13.2105 11.9867 10.9352 10.0266 9. 28 24.3164 21.2813 18.7641 16.6631 14.8981 13.4062 12.1371 11.0511 10.1161 9. 29 25.0658 21.8444 19.1885 16.9837 15.1411 13.5907 12.2777 11.1584 10.1983 9. 30 25.8077 22.3965 19.6004 17.2920 15.3725 13.7648 12.4090 11.2578 10.2737 9. Anne-Marie and Yancy calculate their current living expenditures to be $61,000 a year. During retirement they plan to take one cruise a year that will cost $5,000 in today's dollars. Anne-Marie estimated that their average tax rate in retirement would be 17 percent. Yancy estimated their Social Security income to be about $17,858 and their retirement benefits are approximately $33,574. Use this information to answer the following questions: a. How much income, in today's dollars, will Anne-Marie and Yancy need in retirement assuming 70 percent replacement and an additional $5,000 for the cruise? b. Assuming the 17 percent income tax estimate during retirement, wat is their tax-adjusted need from part a? c. Calculate their projected annual income shortfall in today's dollars. d. Determine, in dollars, the future value of the shortfall 33 years from now, assuming an inflation rate of 4 percent. e. Assuming a nominal rate of return of 8 percent and 26 years in retirement, calculate their necessary annual investment to reach their retirement goals. Present Value of an Annuity (PVIFA) n 1% 2% 3% 4% 5% 6% 7% 8% 9% 15 13.8651 12.8493 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 8.0607 7. 16 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 7. 17 15.5623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8. 18 16.3983 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8. 19 17.2260 15.6785 14.3238 13.1339 12.0853 11.1581 10.3356 9.6036 8.9501 8. 2018.0456 16.3514 14.8775 13.5903 12.4622 11.4699 10.5940 9.8181 9.1285 8. 21 18.8570 17.0112 15.4150 14.0292 12.8212 11.7641 10.8355 10.0168 9.2922 8. 22 19.6604 17.6580 15.9369 14.4511 13.1630 12.0416 11.0612 10.2007 9.4424 8. 23 20.4558 18.2922 16.4436 14.8568 13.4886 12.3034 11.2722 10.3711 9.5802 8. 24 21.243418.9139 16.935515.2470 13.7986 12.5504 11.4693 10.5288 9.7066 8. 25 22.0232 19.5235 17.4131 15.6221 14.093912.7834 11.6536 10.6748 9.8226 9. 26 22.7952 20.1210 17.8768 15.9828 14.3752 13.0032 11.8258 10.8100 9.9290 9. 27 23.5596 20.7069 18.3270 16.3296 14.6430 13.2105 11.9867 10.9352 10.0266 9. 28 24.3164 21.2813 18.7641 16.6631 14.8981 13.4062 12.1371 11.0511 10.1161 9. 29 25.0658 21.8444 19.1885 16.9837 15.1411 13.5907 12.2777 11.1584 10.1983 9. 30 25.8077 22.3965 19.6004 17.2920 15.3725 13.7648 12.4090 11.2578 10.2737 9