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