Question 4. a-e

a 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 estimated that their average tax rate in retirement would be 12 percent. Yancy estimated their Social Security income to be about $22,000 and their retirement benefits are approximately $35,000. Use this information to answer the following questions a. How much income, in today's dollars, will Anne-Marie and Yancy need in retirement assuming 70 percent replacement and an additional $5,000 for the cruise? b. Assuming the 12 percent income tax estimate during retirement, wat is their tax-adjusted need from parta? c. Calculate their projected annual income shortfall in today's dollars. d. Determine, in dollars, the future value of the shortfall 30 years from now, assuming an inflation rate of 5 percent e. Assuming a nominal rate of return of 8 percent and 25 years in retirement, calculate their necessary annual investment to reach their retirement goals Click on the 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 FVIFA table 1 a. The pre-tax amount, in today's dollars, that Anne-Marie and Yancy will need in retirement assuming 70 percent replacement and an additional $5,000 for the cruise is $ (Round to the nearest cent)