Agnes is 40 years old. She wants to know how much she should be saving each year for retirement. Below are the specifics:

She wants to retire at 60 and expects to live until she's 90

She currently makes $45,000 and expects that to increase each year with inflation (2%). She thinks she will need about 70% of that to live on in retirement. .

She has $40,000 in an RRSP Her investments are earning a real rate of 7% When she retires she will move her investments into a more conservative portfolio and earn 3% per year.

She expects that CPP will be about $15,000 per year.

Given this information, how much will she have saved when she is 60?