QUESTION 2: Ms .MoneySmart has a diversied portfolio of securities with a market value of $200,000 and an adjusted cost base of $240,000. Her portfolio is a growth portfolio, which is expected to grow at 6% per year. Every purchase or sale costs 0.3% of the market value. Her marginal tax rate is 46% now and in the future. She could sell the portfolio now, take care of the taxes and reinvest again right away for 20 years in the same portfolio earning 6% per year, or she could hold the current portfolio without selling until she retires in 20 years. In either case she will sell everything at the end of 20 years. Assume that she had substantial taxable capital gains during the last several years. a. Determine the after tax value of her portfolio if she sells everything now and reinvest for 20 years. b. What would be the after tax portfolio value if she chooses to hold everything for 20 years