Steven recently graduated from college. He's employed by a space exploration company and makes approximately $62,000 per year. His primary goal is to begin saving for an emergency fund. After looking at his budget, has determined that in the case of a severe emergency, he would need to replace 45% of his annual income. This is a conservative estimate, but Steven believes the amount should be sufficient to pay his rent, car payment, food, utility, and insurance expenses. How much income does Steven believe he needs in the case of a severe emergency? Steven needs $ in total annual income in the case of an emergency. After discussing his alternatives with you, assume Steven concludes that he could meet all his necessary expenses with as little as $26,300 per year. If his goal is to establish a 6-month emergency fund, how much should he have on hand today? What would he need if he had a 3-month emergency fund goal? 6-month emergency fund goal 3-month emergency fund goal If Steven can save $280 per month toward his emergency fund goal, how long it will it take for him to obtain 3 and 6 months of needed expenses, assuming he can earn a 3% rate of return on his savings? It will take nearly months to reach Steven's 3-month emergency fund goal