Mike (age 40) and Mabel Williams (age 45) have been contributing to their respective RRSP's for many years. Mike's employment income is $40,000/yr. Every year, he contributes 3% of his salary into his employer's Defined Contribution Pension Plan, which is matched by his employer. His unused RRSP contribution room is $22,000 and this year's PSPA is $700. Mabel is an engineer earning $160,000/yr. Mabel also receives royalty income of $1,000/yr. for a children's book she published in 2014. She is a member of her employer's non-contributory DB pension plan into which her firm contributes 4% of her annual salary. Her unused RRSP contribution room is $8,000 and she will have a PSPA this year for $900. Her annual DB pension benefit accrual/entitlement equals 1% of her salary. Mike and Mabel also own a rental property (jointly) worth $180,000 that generates annual net income of $12,000, for which they each claim 50% for income tax purposes. 5) Assume Mike retired at age 62 on Jan. 19, 2016 and he converted his RRSP into a RRIF. Calculate his minimum RRIF withdrawal amount for 2019, assuming his RRIF balance on Dec. 31, 2018 was $248,000. *Show your calculation - (2 marks)