Kelly and Scott, both age 48, want to retire at age 65. They estimated that their annual income need at retirement will be $80,000 In today's dollars. They expect 7% after-tax return and 4% inflation. They expect to live until age 95. Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions. Their combined federal and state income tax bracket is 31%. Using the example from the module reading/lecture, how much do they need to save by the end of each month in order to meet their shortfall? Calculate the monthly savings on an after-tax basis. Carry real return to nearest thousandth. $2,618.24 52,831.72 53,393.10 53,023.74 $4,201,40 $3,877.05 Kelly and Scott, both age 48, want to retire at age 65. They estimated that their annual income need at retirement will be $80,000 In today's dollars. They expect 7% after-tax return and 4% inflation. They expect to live until age 95. Kelly and Scott are eligible to receive $1,900 in combined monthly Social Security benefits and $2,000 combined monthly income from their company pensions. Their combined federal and state income tax bracket is 31%. Using the example from the module reading/lecture, how much do they need to save by the end of each month in order to meet their shortfall? Calculate the monthly savings on an after-tax basis. Carry real return to nearest thousandth. $2,618.24 52,831.72 53,393.10 53,023.74 $4,201,40 $3,877.05