Problem 15-4 (similar to) Question Help * Anne-Marie and Yancy calculate their current living expenditures to be $67,000 a year During retirement they plan to take one cruise a year that will cost $5,000 in today's dollars. Anne-Marie and their retirement benefits are approximately $33,201. Use this information to answer the following questions estimated that their average tax rate in retirement would be 19 percent Yancy estimated their Social Security income to be about $21,619 a. How much income, ir today's dollars, wil nne-Marie and Yancy need in' vetirement assuming 70 percent replacement and an additional $5,000 for the cruise? b. Calculate their projected annual income shortfall in today's dollars c. Determine, in dollars, the future value of the shortfall 28 years from now, assuming an inflation rate of 3 percent of 7 percent and 22 years in retirement, calculate their necessary annual investment to reach their retirement goals. Click on the E table icon to view the FVIF table Click on the table icon to view the PVIFA table Click on the table icon to view the FVFA table a. The pre tax amount, in foday's dollars, Round to the nearest cent) that Anne-Marie and Yancy will need in retirement assuming 70 percent replacement and an additional $5,000 for the cruise is Enter your answer in the answer box and then click Check Answer remaining Clear ndow Check Answer Problem 15-4 (similar to) Question Help * Anne-Marie and Yancy calculate their current living expenditures to be $67,000 a year During retirement they plan to take one cruise a year that will cost $5,000 in today's dollars. Anne-Marie and their retirement benefits are approximately $33,201. Use this information to answer the following questions estimated that their average tax rate in retirement would be 19 percent Yancy estimated their Social Security income to be about $21,619 a. How much income, ir today's dollars, wil nne-Marie and Yancy need in' vetirement assuming 70 percent replacement and an additional $5,000 for the cruise? b. Calculate their projected annual income shortfall in today's dollars c. Determine, in dollars, the future value of the shortfall 28 years from now, assuming an inflation rate of 3 percent of 7 percent and 22 years in retirement, calculate their necessary annual investment to reach their retirement goals. Click on the E table icon to view the FVIF table Click on the table icon to view the PVIFA table Click on the table icon to view the FVFA table a. The pre tax amount, in foday's dollars, Round to the nearest cent) that Anne-Marie and Yancy will need in retirement assuming 70 percent replacement and an additional $5,000 for the cruise is Enter your answer in the answer box and then click Check Answer remaining Clear ndow Check