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Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 34 years and anticipate they will need funding

Peter 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 $74,000 in today's dollars, but they would actually need $101,628 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 3 percent inflation rate and a return of 8 percent. (This is the 3rd time i posted this question.please get it right)

Question - The total amount that Peter and Blair must save if they wish to completely fund their income shortfall, assuming a 3 percent inflation rate and a return of 8 percent is $______________(Round to the nearest cent.)

Compound Sum of $1 (FVIF)

n

5%

6%

7%

8%

9%

10%

11%

12%

24

3.2251

4.0489

5.0724

6.3412

7.9111

9.8497

12.2392

15.1786

25

3.3864

4.2919

5.4274

6.8485

8.6231

10.8347

13.5855

17.0001

26

3.5557

4.5494

5.8074

7.3964

9.3992

11.9182

15.0799

19.0401

27

3.7335

4.8223

6.2139

7.9881

10.2451

13.1100

16.7386

21.3249

28

3.9201

5.1117

6.6488

8.6271

11.1671

14.4210

18.5799

23.8839

29

4.1161

5.4184

7.1143

9.3173

12.1722

15.8631

20.6237

26.7499

30

4.3219

5.7435

7.6123

10.0627

13.2677

17.4494

22.8923

29.9599

31

4.5380

6.0881

8.1451

10.8677

14.4618

19.1943

25.4104

33.5551

32

4.7649

6.4534

8.7153

11.7371

15.7633

21.1138

28.2056

37.5817

33

5.0032

6.8406

9.3253

12.676

17.182

23.2252

31.3082

42.0915

34

5.2533

7.2510

9.9781

13.6901

18.7284

25.5477

34.7521

47.1425

35

5.5160

7.6861

10.6766

14.7853

20.4140

28.1024

38.5749

52.7996

Present Value of an Annuity (PVIFA)

n

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

15

13.8651

12.8493

11.9379

11.1184

10.3797

9.7122

9.1079

8.5595

8.0607

7.6061

16

14.7179

13.5777

12.5611

11.6523

10.8378

10.1059

9.4466

8.8514

8.3126

7.8237

17

15.5623

14.2919

13.1661

12.1657

11.2741

10.4773

9.7632

9.1216

8.5436

8.0216

18

16.3983

14.9920

13.7535

12.6593

11.6896

10.8276

10.0591

9.3719

8.7556

8.2014

19

17.2260

15.6785

14.3238

13.1339

12.0853

11.1581

10.3356

9.6036

8.9501

8.3649

20

18.0456

16.3514

14.8775

13.5903

12.4622

11.4699

10.5940

9.8181

9.1285

8.5136

21

18.8570

17.0112

15.4150

14.0292

12.8212

11.7641

10.8355

10.0168

9.2922

8.6487

22

19.6604

17.6580

15.9369

14.4511

13.1630

12.0416

11.0612

10.2007

9.4424

8.7715

23

20.4558

18.2922

16.4436

14.8568

13.4886

12.3034

11.2722

10.3711

9.5802

8.8832

24

21.2434

18.9139

16.9355

15.2470

13.7986

12.5504

11.4693

10.5288

9.7066

8.9847

25

22.0232

19.5235

17.4131

15.6221

14.0939

12.7834

11.6536

10.6748

9.8226

9.0770

26

22.7952

20.1210

17.8768

15.9828

14.3752

13.0032

11.8258

10.8100

9.9290

9.1609

27

23.5596

20.7069

18.3270

16.3296

14.6430

13.2105

11.9867

10.9352

10.0266

9.2372

28

24.3164

21.2813

18.7641

16.6631

14.8981

13.4062

12.1371

11.0511

10.1161

9.3066

29

25.0658

21.8444

19.1885

16.9837

15.1411

13.5907

12.2777

11.1584

10.1983

9.3696

30

25.8077

22.3965

19.6004

17.2920

15.3725

13.7648

12.4090

11.2578

10.2737

9.4269

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