James Stone recently turned 65 years of age. He moved to Canada 20 years earlier and has been working ever since and contributing maximum permissible amount to his CPP> During this period, he has saved $250,000 in his RRSP that are invested in a few balanced mutual funds with 7% expected rate of return, James does not have any pension from his employer. He expects to live until age 90. Maximum CPP benefit for current year is $1,175. His previous wife died a few years ago and he married Marilyn who moved to Canada about 12 years earlier from Spain. Q1: How much CPP benefit will James receive if he retired at 65? $587.50 $1,175 $824.35 $675.25