Assume tuition payments are made in full at the start of a college year. Also assume that up until school begins for each child the investment account earns the same 8% as the 401k account. (Note that this question is a two-step process for each of Emmitt and Patricia's education.) 8. (10 points) Assuming that at the date Jane retires, she wants enough income for 30 years of retirement and the rate of inflation will remain at 2.0% per year, how much will Jimmy and Jane need to live on for the 30 years? (Hint: Use $165,000 for your payment variable.) 9. (10 points) How much will Jimmy and Jane need to save per month to pay for their retirement income for 30 years assuming that they can earn 7.0% per year, compounding monthly, on the invested funds. Assume Jimmy and Jane stop saving in 35 years when they reach 60, and funds are then held in a savings account earning zero. Further, assume that the 401k is NOT used for income, as it will be needed for a vacation home transition. (Hint: Use $6,500,000 as your total future value variable.) 10. (10 points) Jane hopes that the money from her retirement funds plus what they makes on the sale of their current home when she is 60, will be enough to allow the purchase of the Georgia retirement home. Can this goal be realized? 11. (10 points) Based on the level of savings that Jimmy and Jane needs to achieve over the next 15 years, discuss the feasibility of his achieving his objectives for his children's education and his retirement. 12. (10 points) Discuss ways in which Jimmy and Jane can increase the probability of achieving his desired education and retirement goals. What role does risk and inflation play in the investment process