Your client, tom, age 45, is currently making $145,000. you have determined that his wage replacement ratio is 80%. you expect inflation to average around 3% for tom's entire life expectancy. tom expects a 9% return on his investments and plans to retire at age 64, possibly living to age 90. he expects he will receive about $12,000 per year from social security in retirement. calculate tom's first year retirement needs at age 64.

Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.