Mark wants to retire in 22 years at age 64 in Mississauga, Ontario. He expects to receive an indexed employer pension of $20000 per year and 75% of the maximum CPP which is also indexed. He expects his retirement to last for 30 years and will require an after-tax pension of $40,000. Assume a marginal tax rate of 35% for the next 22 years, nominal rate of return of 10% and inflation of 4%. Mark has $20000 in an RRSP now. How much will she have to save each year to reach her goal if a. she saves in an RRSP and also contributed the first tax refund due to the RRSP contribution into the RRSP (Assume the contribution of the refund occurs at the same time as the original contribution). (3 marks) 

b. She saves in a TFSA? (2 marks) Note: Use 2021 figures for maximum OAS of $7421 and Maximum CPP $14445. Assume the average tax rate at retirement is 15%.