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  3. 2. lakned jones is fifty years old. he is working

2. Lakned Jones is fifty years old. He is working with you, his financial planner,...

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Accounting

2. Lakned Jones is fifty years old. He is working with you, his financial planner, to calculate his long-term care insurance need. Please use the following assumptions to calculate Lakneds net LTC need:

Current Annual Cost of LTC: $73,000

Age at which Lakned will need LTC Services: seventy

LTC Inflation Rate: 4.50 percent

Number of Years Benefits will be Needed: sixBefore-Tax Rate of Return: 7 percent

Marginal Tax Bracket: 24 percent

Annual Increase in Savings: 0 percent

Current Value of Assets Set Aside for LTC Need: $100,000

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