Mary Harmony, who just turned 38, is single, and from Fort Collins, Colorado, and is trying to estimate the amount she needs to save annually to meet her retirement needs by the time she retires at age 67. Mary currently earns $90,000 per year and is self-employed. She expects to need 90 percent of her current salary to live on at retirement and expects to live to about age 80. Mary anticipates receiving about $2,650 per month in today's dollars in Social Security benefits at age 67. Mary currently has $20,000 in a Roth IRA. Use the Run the Numbers worksheet on page 539 and your work on PFR 15 as a guide. Show all of your work for full credit. 1. Calculate the annual income she would need in retirement in today's dollars then subtract her annual social security benefits. How much annual retirement income will she need from her retirement funds? 2. How much will Mary need to save, in addition to her social security, by retirement (age 67) in today's dollars if she plans to retire at age 67 and live to age 80? 3. Use the Appendix 1-A table to calculate the current dollar value (today's dollars) of her Roth IRA when she retires, assuming a growth rate of 8 percent during her remaining working years. 4. How much additional money in today's dollars will she still need to save for retirement? 5. What is the amount she needs to save each year to reach this goal by age 67 ? Assume a growth rate of 8% over her remaining working years and use Appendix A-3 to find the factor that you will use. 6. What percentage of her salary will Mary need to save each year to reach this goal