Your clients, Jerry and Jenny, are 25 years old. They have come to you for assistance with planning for the cost their childs education and their retirement. They would like to know if they are on track to reach these two goals. Below are the facts about the family: Jenny currently earns $150,000 and they expect to need $150,000 per year in todays dollars in retirement. Jerry is a stay-at-home dad. Jenny plans to retire at age 67, and they expect to live until age 100. They also expect that Social Security will provide $40,000 of benefits in todays dollars at age 67. Jenny has been saving $5,000 annually in her 401(k) plan. Their son, Jazz, was just born and is expected to go to college in 18 years. They want to save for Jazzs college education, which they expect will cost $20,000 in todays dollars per year and they are willing to fund 5 years of college. They want all funds needed for Jazzs college education available the first year Jazz starts college. They were told that college costs are increasing at 7% per year, while general inflation is 3%. They currently have $100,000 saved in total and they are averaging a 10% rate of return and expect to continue to earn the same return over time. 1. Calculate the capital needs of the couple at retirement and the current value (todays value) of their retirement needs. SHOW YOUR WORK.