Financial Details for Mary Killington

Chequing Account Balance - $975	Savings Account Balance - $6,750
Market Value of Home - $315,000	Market Value of Automobiles - $27,000
Personal Possessions - $10,500	Non-registered GICs - $13,500
TFSA mutual funds - $4,500	Car Loan - $8,500
Credit Card Balance - $10,000	Mortgage - $150,000
Student Loan - $8,500	Gross Salary - $5,200
Income deductions - $1,800	Car Loan Payment - $250
Mortgage Payment - $1,300	Property Tax Payment - $215
Life Insurance - $50	Car Insurance - $75
Utilities - $250	Phone & Internet - $125
Groceries - $400	Clothing - $50
Personal Care - $100	Gifts & Donations - $60
Student Loan Payment - $150 Mary tells you that you would like to invest some money. For the investment, she is deciding between $1,200 for the next twenty-five months or $150 per month for the next twenty months. Assuming the investment will earn 6% during that time, which option will make her more money. Be sure to show your calculations for each option. (5 marks) 6. Mary tells you that she would like to have $1,500,000 saved in 30 years when she retires. Assuming she starts investing with a new retirement account with a $0 balanceand that she will earn an average of 8%, how much does she need to invest today to reach her goal? (2 marks)	Parking - $35