Create three investment portfolios based on the clients objectives below. The first portfolio focuses on growth, the second on modest income and tax efficiency and the third on conservative retirement income with preservation of capital. Please make sure that the funds you recommend are suitable for each objective within the constraints of risk-adjusted returns (using the same risk measure for comparison such as beta or standard deviation). You are free to recommend any managed investment fund or individual security but make sure you create diversified portfolios given the amounts involved. It may be easier for most students to recommend managed funds (mutual funds, ETFs, pooled portfolios, model portfolios, etc.) as creating diversified portfolios with individual securities will be very time consuming. The submitted assignment must include a cover page and be typed double spaced in 12pt font and the questions can be answered separately as portfolio one, two and three. TOTAL 30 MARKS. 1. Tony wants to grow his non-registered investment portfolio to $1,000,000 within 30 years. His starting value is $5,000 and he wants to know how much he needs to invest monthly assuming an average annual compound growth rate of 6%. He can tolerate a maximum volatility of 30% in any one year. If you are recommending managed funds make sure you use at least four different funds for this objective. You should provide some historical and current data to support your recommendations such as past performance, fees, management style and risk profile. (10 Marks) 2. Suzanne has a current gross employment income of $90,000 and her marginal tax rate (MTR) is 35%. She has $700,000 in a non-registered account that is currently invested in CSBs. She wants to reduce her taxable investment income as much as possible and she would like to yield 4% net of tax so that she generates an annual net income of $28,000. She also wants to keep her volatility below 25% per year if possible. Recommend an investment portfolio for her that can achieve the required yield on a tax advantaged basis. Explain the tax advantages of the investments you are recommending. If using managed funds recommend at least two different funds.