This is like the problem we worked in class regarding the surgeon. Complete a summary of the objectives (risk and return) and constraints (time horizon, liquidity, tax, legal regulatory, unique) Nancy Smith, age 59, recently retired from her position as a designer. She has accumulated $2,000,000 for retirement. She supports her son Larry, age 40, and his wife, and three children (ages 14, 12, and 10). Neither Larry nor his wife work outside the home. Smith estimates that she will need $60,000 annually to live comfortably in today's dollars. Inflation is expected to increase 3% annually. She plans to continue to support her son and his family on $30,000 indexed for inflation. However, she has informed them that if she should die, a gift fund will be established with the local museum and that her son's family will only receive $20,000 in interest from the gift account. Otherwise the fund will be managed for the benefit of the museum. Thus another goal is to maintain her principal in the retirement fund for her gift account with the museum. Smith has a desire to travel to Australia for four months as a retirement present to herself and requires $50,000 for her travel expenses. Smith states that she is willing to assume some risk to obtain her objectives. 1. Develop an abbreviated IPS (objectives and constraints) for Smith (4 points)