Anne-Marie and Yancy calculate their current living expenditures to be $59,000 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 18 percent. Yancy estimated their Social Security income to be about $17,110 and their retirement benefits are approximately $31,813. 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 18 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 30 years from now, assuming an inflation rate of 3 percent. e. Assuming a nominal rate of return of 8 percent and 20 years in retirement, calculate their necessary annual investment to reach their retirement goals. Clial on the ci Dia table Cliol on + Compound Sum of $1 (FVIF) 5% 6% 7% 8% 9% 10% 11% 12% 24 3.2251 4.0489 5.0724 6.3412 7.9111 9.8497 12.2392 15.1786 25 3.3864 4.2919 5.4274 6.8485 8.6231 10.8347 13.5855 17.0001 26 3.5557 4.5494 5.8074 7.3964 9.3992 11.9182 15.0799 19.0401 27 3.7335 4.8223 6.2139 7.9881 10.2451 13.1100 16.7386 21.3249 28 3.9201 5.1117 6.6488 8.6271 11.1671 14.4210 18.5799 23.8839 29 4.1161 5.4184 7.1143 9.3173 12.1722 15.8631 20.6237 26.7499 30 4.3219 5.7435 7.6123 10.0627 13.2677 17.4494 22.8923 29.9599 31 4.5380 6.0881 8.1451 10.8677 14.4618 19.1943 25.4104 33.5551 32 4.7649 6.4534 8.7153 11.7371 15.7633 21.1138 28.2056 37.5817 33 5.0032 6.8406 9.3253 12.6760 17.1820 23.2252 31.3082 42.0915 34 5.2533 7.2510 9.9781 13.6901 18.7284 25.5477 34.7521 47.1425 35 5.5160 7.6861 10.6766 14.7853 20.4140 28.1024 38.5749 52.7996