Jamie Lee and Ross are just a few short years from realizing their goals of retiring at $65$ and purchasing a home at the beach!

They are reviewing their financial situation to ensure they will be ready for retirement. They anticipate being able to live comfortably with $80\%$ of their current expenses. The rate of return on their investments until they retire is $4\%.$ They expect this percentage to drop to $3\%$ after retirement. Use this information, along with Exhibit $1-$A$,$ Exhibit $1-$B$,$ and the information provided below to determine the annual deposit amount Jamie Lee and Ross will need to make until they retire in order to make up the shortfall between their estimated expenses and income needed during retirement. Each answer must have a value for the assignment to be complete. Enter $"$O$"$ for any unused categories.

Current Expense Amounts $($Jamie Lee and Ross Combined$)$

Fixed expenses: $$4,700$ per month

Variable expenses: $$2,600$ per month

Estimated Income Amounts $($Jamie Lee and Ross Combined$)$

Social Security: $$2,750$ per month

Current IRA balance: $$85,000$

Estimated IRA withdrawal: $$350$ per month

Other investments: $$34,900$ per year

Estimated Annual Retirement Living Expenses

Estimated annual living expenses if retiring today

Number of years until retirement

Expected annual rate of return before retirement

Future value $($use Exhibit $1-$A$)$

Projected annual retirement living expenses, adjusted for inflation

$($A$)$ $$0$

Estimated Annual Income at Retirement

Social Security income

Company pension, personal retirement account income

Investment and other income

Total retirement income

$($B$)$ $$34,900$

A na$...$ol chantfoll of income after retirement $($A $-$ B$)$

$($C$)$