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Philip just won $100,000 in the lottery! With this money he would like to invest it wisely and put as much as he can in a Tax-Free Savings Account (TFSA). Calculate Philips maximum amount that he can contribute to his TFSA assuming the following:

We are April 20, 2022

Philip is 60 years old and just retired

Philip contributed $4,000 to his TFSA in 2022

Tax-Free Savings Account (TFSA): Annual Limits
Years	Annual Limit	Years	Annual Limit
Year started 2009 - 2012	$5,000/year	2016 - 2018	$5,500/year
2013 - 2014	$5,500/year	2019 - 2022	$6,000/year
2015	$10,000/year

Points: 1

1. $60,000

2. $81,500

3. $71,500

4. $77,500

5. Philip can no longer contribute to his TFSA as he is retired.