Pete and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 34 years and anticipate they will need funding for an additional 24 years. They determined that they would have a retirement income of $64,000 in today's dollars but that they would actually need $86,635 in retirement income (in today's dollars) to meet all of their objectives. a. What is their annual shortfall at retirement assuming inflation of 3 percent per year? b. At the time that they retire, how much additional amount must they have accumulated to fund their retirement needs, assuming 3 percent inflation and a rate of return of 8 percent? c. Calculate the additional amount that Peter and Blair must save each year for the next 34 years if they wish to completely fund their income shortfall.