QUESTION 78 Walter and Louisa are 65 and 63 years of age respectively and have been married for 27 years. Walter has been working for 34 years: Louisa has been working for 29 years. Walter is entitled to a CPP retirement benefit of $850; Louisa qualifies for a benefit of $460. If Walter and Louisa apply to assign their CPP retirement benefits, by what amount will Louisa s benefit increase from its current level? (Assume the following: Walter has an assignment ratio of 79.41%; his assignable amount is $674.99, and his non-assignable amount is $175.01). O a) $123.37 Ob) $428.26 O c) $551.63 O d) $583.37 QUESTION 79 At age 65, Clarence purchased a life annuity with $50,000, and learned that he would receive payments of $410 at the end of each month. If Clarence knows that the annuity payments were based on an interest rate of 6.72% compounded monthly, what was the average life expectancy that the annuity provider used when determining the payment amount? a) 78.76 years Ob) 82.14 years O c) 83.29 years O d) 86.41 years QUESTION 80 Based on a previous question, Demi is a Canadian citizen. She has an RRSP account in which she has currently invested $5,000,000 in mutual funds. The real return on her mutual funds is expected to be 7% over the ten years until her retirement. If Demi doesn t save any more between now and retirement, how much will her retirement shortfall be if she needs $15,000,000 at retirement? O a) 59,835,757 Ob) $3,000,000 O c) $5,164,243 O d) She will not have a shortfall