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Introduction Both Mary and Peter are 32 years old. They will get married soon, but they have no plans to have children at the moment. They both live with their parents now. Their parents are retired and are in relatively good health, expected to live for another 30 years. Mary and Peter plan to retire at the age of 65. Information about Peter Peter is the only child from a small family and his parents are financially dependent on him. Peter provides them with $8,000 every month to support their living. Peter works as a marketing manager in an international firm. He joined the company 7 years ago and he earns a monthly salary of $40,000. Every month, Peter spends 1,000 on transport, $1.500 on meals, $800 on entertainment and $3,000 as necessary personal expenses. He is currently covered by a group medical insurance policy, which entitles him to claim reimbursement of medical expenses up to 80% of the total expenses incurred. Beta Peter's MPF account shows a current balance of $210,000. The following table shows the performances of different Funds under his company's MPF Scheme portfolio during last year: Annualized Benchmark Annualized Peter's MPF Average Return index Standard Portfolio Deviation Weighting Apple Fund 33.6% 28.2% 16.9% 1.2 2596 Orange 21.2% 28.7% 18.2% 1.1 25% Fund Green Fund 8.8% 1196 16.2% 10.9 30% elue Fund 13.5% 10.8% 2.2% 10.9 2096 Information about Mary. Mary works as a designer in a fashion company, earning a monthly salary of 535,000. Her employer provides her with a group medical insurance policy and a $1,000,000 group life insurance policy under which she has assigned Peter as the beneficiary. Each month, Mary takes $7,000 home to support her father, Mary spends $1,000 on transport, $800 on meals, $500 on entertainment and $2,500 as necessary personal expenses. Her mandatory MPF contribution is $18,000 each year. Others They bought a small residential Mat 3 years ago in their names. The mortgage loan was arranged with XYZ bankwith a loan amount of 4.0 millions, a repayment term of 25 years. The mortgage interest rate is 6% pa. The flat has been let out at a monthly rent that is able to cover the mortgage payment. The tenancy agreement will expire soon and they will move into the flat after they are married. Neither Mary nor Peter has purchased individual life insurance policy. However, Mary's employer has provided employee family group insurance with base protection Assumptions risk free rate is 3.5% all interest rates are compounded monthly unless stated otherwise Which one of the following is likely to be the short term financial goal of Mary and Peter? a Develop a saving plan for home purchase. Develop an investment plan, if appropriate for change inaife situation O b. . Develop a plan for retirement activities. d. Set up an education fund for their future child, Ignoring salaries tax liability, what is the current estimated monthly discretionary income of Mary after deducting all her expense and committed financial obligations? 0 a $19,450 b. $8,200 Oc$21,700 Od $10,700 What is the required monthly mortgage payment to the bank on the mortgage loan of the residential fat owned by Mary and Peter? (to the nearest dollar) a. $27,323 ob. $25,772 Oc. $21,052 O d. $22,678