Mark recently graduated from college. He's employed by a space exploration company and makes approximately $61,000 per year. His primary goal is to begin saving for an emergency fund. After looking at his budget, Mark 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 Mark believes the amount should be sufficient to pay his rent, car payment, food, utility, and insurance expenses. (a) Your answer is correct. How much income does Mark believe he needs in the case of a severe emergency? Mark needs \$ in total annual income in the case of an emergency. After discussing his alternatives with you, assume Mark concludes that he can meet all his necessary expenses with as little as $28,400 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? 6-month emergency fund goal 3-month emergency fund goal After discussing his alternatives with you, assume Mark concludes that he can meet all his necessary expenses with as little as $28,400 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? 6-month emergency fund goal 3-month emergency fund goal