Peter and Mary are married with no children and seek your help with regards to their retirement planning. Peter is 40 and Mary is 35 and they would both like to retire in 20 years time. (a) Peter earns $7,000 a month with a fixed 2 month bonus. Mary earns $4,000 a month and has no bonuses. With the CPF ceiling capped at $6,000 a month, employer CPF contribution at 17% and employee CPF contribution at 20%, calculate the CPF yearly contribution for Peter and Mary respectively. (10 marks) (b) Peter currently has an investment portfolio consisting 100% equities. Examine what is meant by life cycle investing and how Peter may need to rebalance his investment portfolio as he progresses towards retirement. (15 marks)