Sylvia, single and with no children, is planning her retirement She is currently aged 40 and she plans on retiring at age 65. She assumes that she will live until she reaches age 95. She has come to you for advice on how much she should save for her retirement. She believes that she will need $60,000 before tax in today's dollars each year to support herself in retirement. Her CPP and OAS will provide her with $15,000 a year. She currently has \$150, saved in her RRSP for retirement purposes and will continue to save $8,000 a year in her RRSP for retirement. She has no other savings, as she spent all of her other money to purchase a house. This house should be paid off in 25 years and she plans to live in it for retirement. Use a real rate of return of 3% for your calculations. 1. How much does Sylvia need to save in order to fund her retirement? 2. How much will Sylvia have in her RRSP at the age of retirement in real dollars? 3. How much does Sylvia need to save each year from now to retirement to meet her retirement goal (outlined in 2)? 4. Sylvia has not thought about using her house to fund her retirement. Outline two options for Sylvia to use her house to fund her retirement and explain why each might suit her circumstances