The case John and Melinda work for both of them. John has been working as an engineer in a private firm since 5 years ago. His current gross salary is $5000.- per month and a net salary of $4000.per month. Melinda is an entrepreneur, and she has their own business. Her business produces tailored cakes and specialty catering While the business revenues are variable according to the month of the year that can go from $45,000. - a month to a maximum of $65,000.- per month. The total cost of the business is approx. $37,500. a month and it is more or less constant every month and it includes the monthly payment of HST. Both are married since three years ago. John has a total saving of $75,000.- and Melinda has accumulated savings of $128,000.- since the company has been created. Melinda has set up a monthly salary for her of $3,000 per month when business revenues allow it. Expenses for both of them are as follows: - Mortgage: $1200.- per month with a variable rate of 6.7% annually The house has a total value of $450,000 in the market and it is expected to increase 10% per year - Utilities: $850. per month - Car loan: $300.- per month it is a fixed rate at 3.99%60 month and the car has been acquired 3 years ago. After the loan will finish, the car residual value will be $8000.- - Entertainment: $690.- per month - Clothing: $300.- per month for both of them - Car maintenance and gas: $350 - per month - Home, car and life insurance: $440. - per month - Outstanding Credit card balance: $1000. with a total interest of 19,90% per year. - Other expenses: $250 - per moth They need to pay every April 30th, an income tax rate of 29% per year over all the net income excluding RRSVP contribution done before February 28th. A - John and Melinda want to begin to save for the future. Are they able to save now knowing their expenses? If not, which are your suggestions for them. B - Apply the 50/30/20 rule to John and Melinda income C - Build up a joint budget for Jhon and Melinda and a separate budget for each of them considering in this last case half of the expenses assigned to each of them. D - How much do you recommend to them to save in RRSVP, considering a ROI of 5% per year. E - Considering a long-term perspective, which will be the total value of assets will both of them have in the fifth and tenth year Instruction - Write your answer using Arial letter 12 points, paragraph 1.15 points. And a margin of 1.5cm per side. - Include a cover page in which you write your full name, full student number, course code and section. - You can use tables or graphics, as you need. - The criteria to evaluate this assignment is clarity, professional writing etiquette, the use of headings and subheadings if you consider necessary. - You need to submit your work using Microsoft Class room and the site of this course. - This assignment is a group assignment, each group cannot include more than 3 people and only one member of the group needs to submit your final report using Microsoft Classroom. - The professor will give you some time during the class to work in this assignment