Michael and Sally are ages 54 and 52 respectively. They currently have $600,000 in total saved in their RRSPs and they are currently adding a combined amount of $800 per month to them. They make their contributions at the beginning of each month and they plan to continue to do this until Michael reaches the age of 65 which is when they both will retire. Assume they are earning a 5% rate of return on their investments and that they compound 4 times a year when they receive dividends on their investments. Note: disregard taxes and inflation. a)How much money will they have in their combined RRSPs at retirement? (2 marks) b)lf Michael and Sally begin taking retirement income from their investments when Michael retires, how much pre-tax income will they receive a month, assuming Sally lives until age 90 and assuming they spend it all by the time she passes? Assume they take their income at the beginning of the month, they receive a 4% rate of return, compounded quarterly, and once again, disregard taxes and inflation. (2 marks) c) If you were advising Michael and Sally regarding their when they should start taking their income from retirement, what are some of the factors you'd wish to discuss with them? (2 marks)