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At the age of 2 5 , Tasha Fellows obtained her university degree and entered the workforce. She sought the opinion of an investment advisor

At the age of 25, Tasha Fellows obtained her university degree and entered the workforce. She sought the opinion of an investment advisor regarding a tax-free savings account (TFSA). The main recommendations were to start investing early, to invest the maximum allowed each year, and to stay invested. Someone starting a career needs to consider investing as early as possible.The advisor provided Tasha with scenarios of investing $100 per month at 2% return at different age ranges and calculated the value of her investment at age 65.Age StartedTotal Amount Contributed to Age 65Total Value of TFSA at Age 6525$48000$7356635$36000$4935545$24000$29529Source: TFSA Calculator, Bank of Montreal site, www.bmo.com, accessed November 3,2018.Tasha was shown that starting to contribute at a later age but still wanting to reach a goal of $73566 would require larger monthly contributions.Age StartedMonthly Contributions35$15045$250Source: TFSA Calculator, Bank of Montreal site, www.bmo.com, accessed November 3,2018.2. To reach a goal of $73566,what is the total amount ofcontributions necessary if Tasha were to begin in-vesting at age 45?

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