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 anticlpate 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 thelr estimated expenses and income needed during retirement. Each answer must have a value for the assignment to be complete. Enter $"0"$ for any unused categories.

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

Fixed expenses: $$3,\frac{500}{?}$ month

Variable expenses: $$2,\frac{500}{?}$ month

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

Social Security: $$2,\frac{600}{?}$ month

Current IRA balance: $$94,000$

Estimated IRA withdrawal: $$\frac{400}{?}$ month

Other investments: $$28,900$ 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

Estimated Annual Income at Retirement

Social Security income

Company pension, personal retirement account income

Investment and other income

Total retirement income

$($B$)$

Annual shortfall of income after retirement $($A $-$ B$)$

$($C$)$

Expected years in retirement

Expected annual rate of return before retirement

Expected annual rate of return on invested funds after retirement

Future value factor for a series of deposits $($use Exhibit $1-$B$)$

$($A$)$

Annual deposit required to accumulate the amount needed

$($D$)$

$\backslash$table$[[$$$,31,200],[$$$,4,800],[$$$,28,900],[$$$,64,900]]$

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$4$