1. Clara just turned 28 years old on April 29, 2021. She is looking to make her first Tax-Free Savings Account (TFSA) contribution. As of today, Clara has only contributed $2,000 to date. Clara just received her company bonus and is transferring the money to her investment advisor for a contribution to her TFSA. What is the maximum contribution (including carry-forward amounts) that she can make?

2. Patricia is looking to purchase a Guaranteed Investment Certificate (GIC). Determine the value of Patricia's current investment of $25,000 at the end of 4 years in a GIC that pays an annual interest rate of 7%, compounded monthly.

3. John is 59 years old and close to retirement. He earns a gross annual salary of $185,000. His average tax rate is 41% and he manages to save $600 each month for his annual vacation. John spoke to his Financial Planner who recommended that he start an emergency fund, which he recommended as 3-6 months to cover emergencies. How much should John have as a recommended maximum for an emergency fund?