Description Calculating the Cost of Life's Financial Journey Neal recently graduated from college. He's employed by a space exploration company and makes approximately $65,000 per year. His primary goal is to begin saving for an emergency fund. After looking at his budget, Neal has determined that in the case of a severe emergency, he will need to replace 45% of his annual income. This is a conservative estimate, but Neal believes the amount should be sufficient to pay his rent, car payment, food, utility, and insurance expenses. Please attach a document with your responses to questions a-e: a. How much income does Neal believe he needs in the case of a severe emergency? b. After discussing his alternatives with you, assume Neal concludes that he can meet all his necessary expenses with as little as $29,000 per year. If his goal is to establish a 6-month emergency fund, how much should he have on hand today? What will he need if he has a 3-month emergency fund goal? c. If Neal can save $300 per month toward his emergency fund goal, how long it will it take for him to obtain 3 and 6 months of needed expenses, assuming he can earn a 2% rate of return on his savings? d. What type of assets would be appropriate for his emergency fund? e. Today, Neal has few assets that he can use to pay emergency expenses. Until he saves enough for an emergency fund, what other options does he have for funding a potential emergency? Description Calculating the Cost of Life's Financial Journey Neal recently graduated from college. He's employed by a space exploration company and makes approximately $65,000 per year. His primary goal is to begin saving for an emergency fund. After looking at his budget, Neal has determined that in the case of a severe emergency, he will need to replace 45% of his annual income. This is a conservative estimate, but Neal believes the amount should be sufficient to pay his rent, car payment, food, utility, and insurance expenses. Please attach a document with your responses to questions a-e: a. How much income does Neal believe he needs in the case of a severe emergency? b. After discussing his alternatives with you, assume Neal concludes that he can meet all his necessary expenses with as little as $29,000 per year. If his goal is to establish a 6-month emergency fund, how much should he have on hand today? What will he need if he has a 3-month emergency fund goal? c. If Neal can save $300 per month toward his emergency fund goal, how long it will it take for him to obtain 3 and 6 months of needed expenses, assuming he can earn a 2% rate of return on his savings? d. What type of assets would be appropriate for his emergency fund? e. Today, Neal has few assets that he can use to pay emergency expenses. Until he saves enough for an emergency fund, what other options does he have for funding a potential emergency