Save Answer QUESTION 49 15 points Jerry and Jenny are 25 years old and plan on retiring at age 67 and expect to live until age 100. Jenny currently earns $150,000 and they expect to need $150,000 per year intoday's dollars in retirement. Jerry is a stay at home dad. They also expect that Social Security will provide $40,000 of benefits in today's 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 Jazz's college education, which they expect will cost $20,000 in today's dollars per year and they are willing to fund 5 years of 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. Before you meet your client, you nedd to come-up with all the calcualtions to show it to your boss. Showl Calculate the following: For each of the gaols you will do steps 1 through 4. 1. Determine the amount to be funded 2. Inflate the funds to retirement age or education 3. Find the PV of retirement /education goal. You will use this as the FV for the next step 4. Determine needs in today's dollars 5. Calculate amount needed to achieve all their goals 6. Calculate the annual amount they need to save Arial | (:) + Save Answer QUESTION 49 15 points Jerry and Jenny are 25 years old and plan on retiring at age 67 and expect to live until age 100. Jenny currently earns $150,000 and they expect to need $150,000 per year intoday's dollars in retirement. Jerry is a stay at home dad. They also expect that Social Security will provide $40,000 of benefits in today's 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 Jazz's college education, which they expect will cost $20,000 in today's dollars per year and they are willing to fund 5 years of 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. Before you meet your client, you nedd to come-up with all the calcualtions to show it to your boss. Showl Calculate the following: For each of the gaols you will do steps 1 through 4. 1. Determine the amount to be funded 2. Inflate the funds to retirement age or education 3. Find the PV of retirement /education goal. You will use this as the FV for the next step 4. Determine needs in today's dollars 5. Calculate amount needed to achieve all their goals 6. Calculate the annual amount they need to save Arial | (:) +