Tom and his wife, aged 40 and 36 respectively, are a couple with two children aged 5 and 2. Tom is an accountant while Mary is a teacher at a primary school. Their combined after-tax annual income is around $800,000. Current living expenses of the family are $500,000 per year. Both income and expenses are expected to increase in line with inflation Short Tom intends to retire at 60 years old with his wife, at which point they hope to have enough funds to provide for the tuition fees of the children and for their own retirement. They estimate that tuition fees will be $800,000 for each child in the U.S. and that they will require funds of $13 million to provide for their retirement, both stated in real terms. They own a residence valued at $10 million, with a mortgage of $4,000,000 against the property -Long Mortgage payments are fixed at $25,000 per month, a figure that has been included in annual living expenses given above. They are making improvements to the property over the next five years, which they estimate will cost $1,300,000. They have an investment portfolio with a current market value of $1,700,000. Intermediate Ignore tax rate on all income and investment returns. The inflation rate is expected to be 2% per year. You are required to: Construct a financial plan for Paul and Mary according to the above-mentioned requirements. The financial plan should include your comments and recommendation for: i. Short, Intermediate and Long-Term Goals Tom and his wife, aged 40 and 36 respectively, are a couple with two children aged 5 and 2. Tom is an accountant while Mary is a teacher at a primary school. Their combined after-tax annual income is around $800,000. Current living expenses of the family are $500,000 per year. Both income and expenses are expected to increase in line with inflation Short Tom intends to retire at 60 years old with his wife, at which point they hope to have enough funds to provide for the tuition fees of the children and for their own retirement. They estimate that tuition fees will be $800,000 for each child in the U.S. and that they will require funds of $13 million to provide for their retirement, both stated in real terms. They own a residence valued at $10 million, with a mortgage of $4,000,000 against the property -Long Mortgage payments are fixed at $25,000 per month, a figure that has been included in annual living expenses given above. They are making improvements to the property over the next five years, which they estimate will cost $1,300,000. They have an investment portfolio with a current market value of $1,700,000. Intermediate Ignore tax rate on all income and investment returns. The inflation rate is expected to be 2% per year. You are required to: Construct a financial plan for Paul and Mary according to the above-mentioned requirements. The financial plan should include your comments and recommendation for: i. Short, Intermediate and Long-Term Goals