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1. Company XYZ Ltd. had retained earnings of $120 million at December 31, 2019, recorded a net loss of \$15 million for the financial year which ended December 31, 2020 and neither declared nor paid any dividends for that financial year. What was its retained earnings at December 31 , 2020? Explain your answer. 2. Identify the most suitable investment strategy for the pre-retirement phase and that for the mid-career phase of the life cycle. Explain why the change of strategy is necessary. (The required answer is not the types of securities which are to be used.)