John and mary, both 45 years old, are married and have one child, age 10. they plan to pay for his college at an in-state university from age 18 to 23 and they would like to retire at age 62. they have provided the following financial data. joint employment income $200,000 john s 401(k) plan contributions $16,500 mary s ira contributions $3,000 john s 401(k) plan employer match $5,000 annual gifts from john s parents $10,000 total investment assets $380,000 total cash and cash equivalents $100,000 from the goals and data given, which of the following statements is/are correct? (do not make assumptions that are not stated) 1. john and mary s investment assets to gross pay ratio is adequate for their age. 2. john and mary s savings rate is appropriate for their goals.