QUESTION 5: Ashley Wei is 50 and would like to retire at age 63. She is presently earning $150,000 per year in todays $s and would like to have 70% of that income per year during retirement. She expects to live till age 90. She is eligible to receive maximum CPP and OAS starting at age 65 in todays $s. Use 2012 values from table 17.4. She will receive an employer pension of $70,000 per year in todays $s. She would like CPP to start after she retires, and OAS and employer pension to start after she turns 65. Her marginal tax rate is 46%.She has $240,000 in RRSP now. She plans to deposit $6,000 per year in todays $s into it each year until retirement, which is the limit she can contribute, because of her employer pension. She will deposit tax refund on the RRSP contribution into a Tax Free Savings Account (TFSA). She expects to earn a nominal rate of return of 6% per year on her portfolio. Inflation rate is expected to be 2% per year. Assume deposits into the RRSP and TFSA are made at the end of the year.Savings in TFSA provide no income tax deduction, but the principal and income in TFSA are never taxed, even when withdrawn. Therefore, to make the TFSA comparable with other before tax values in this problem, multiply the accumulated TFSA value by 1.4.a. Do Ashleys savings provide enough to maintain the standard of living she desires if she lives to age 90. If not, how much will be the value of the shortfall in retirement savings at age 63. b.How much more she contributes to her TFSA each year to reach her goal. Remember for each year maximum contribution allowed is $5500.