Anne-Marie and Yancy calculate their current living expenditures to be $80 comma 000

80,000 a year. During retirement they plan to take one cruise a year that will cost $5 comma 000

5,000 intoday's dollars.Anne-Marie estimated that their average tax rate in retirement would be 19

19 percent. Yancy estimated their Social Security income to be about $26 comma 443

26,443 and their retirement benefits are approximately $39 comma 406

39,406. Use this information to answer the followingquestions:

a. How muchincome, intoday's dollars, willAnne-Marie and Yancy need in retirement assuming 70 percent replacement and an additional $5 comma 000

5,000 for thecruise?

b. Calculate their projected annual income shortfall intoday's dollars.

c.Determine, indollars, the future value of the shortfall 30

30 years fromnow, assuming an inflation rate of 3

3 percent.

d. Assuming a nominal rate of return of 11

11 percent and 22

22 years inretirement, calculate their necessary annual investment to reach their retirement goals. Click on the table icon to view the FVIF table LOADING...

. Click on the table icon to view the PVIFA table LOADING...

. Click on the table icon to view the FVIFA table LOADING...

.

a. Thepre-tax amount, intoday's dollars, thatAnne-Marie and Yancy will need in retirement assuming 70 percent replacement and an additional $5 comma 000

5,000 for the cruise is $

nothing

. (Round to the nearestcent.)