Question $17(1$ point$)**$ In Canada$**$

At the beginning of this year, Blake had an outstanding LLP balance of $$17,380.$

Blake made his first LLP withdrawal six years ago and he graduated from his post$-$

secondary program four years ago. This year, Blake makes total RRSP contributions

of $$4,000$ and designates half of his contribution as an LLP repayment. What is the

impact on Blake's LLP balance and required repayments? Blake's LLP balance is

reduced to:

$$13,380\mathrm{.}00$ and his required repayment will be $$1,911\mathrm{.}43$ next year.

$$15,207\mathrm{.}50$ and his required repayment will be $$2,172\mathrm{.}50$ next year.

$$15,380\mathrm{.}00$ and his required repayment will be $$2,197\mathrm{.}14$ next year.