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Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 3 2 years and anticipate they will need

Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 32 years and anticipate they will need funding for an additional 20 years. They determined that they would have a retirement income of $59 comma 000.00 in today's dollars but that they would actually need $80 comma 233.00 in retirement income(in today's dollars) to meet all of their objectives.
a. Their annual shortfall at retirement assuming inflation of 3 percent per year is $___
b. Assuming 3 percent inflation and a rate of return of 8percent, the additional amount they must have accumulated to fund their retirement needs at the time that they retire is $___
c. The additional amount that Peter and Blair must save each year for the next 32 years if they wish to completely fund their income shortfall is $___

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