?Anne-Marie and Yancy calculate their current living expenditures to be ?$76,000 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 $23,919 and their retirement benefits are approximately ?$35,655.

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. Calculate their projected annual income shortfall in? today's dollars.

c.? Determine, in? dollars, the future value of the shortfall 34 years from? now, assuming an inflation rate of 22 percent.

d. Assuming a nominal rate of return of 7 percent and 25 years in? retirement, calculate their necessary annual investment to reach their retirement goals.