total 6 questions. Question 1(iii)and Question 2(ii) please help me to explain in more detail

Case 1 (50 marks) The Assessment Year would be 2020/21. Catherine (aged 42) and Johnson (aged 45), have been married for 12 years. Johnson is a project manager of an event company at a monthly salary of $55,000 with an additional one-month salary of year-end bonuses. Catherine is a kindergarten teacher and earns $40,000 per month. Catherine only made mandatory contributions to her MPF schemes but Johnson, in addition to the mandatory contributions, he also made voluntary contributions of $3500 per month to the Qualifying Tax Deductible MPF schemes. They have a son, 11 years old, studying in a local primary school. They recently live in a self-occupied apartment valued at $6,000,000. They still have the mortgage payment amounted $2,500,000. The current monthly mortgage payment is $19,000 paid by Johnson. The family's other monthly expenses total at $21,000. Besides the aforementioned expenses, Johnson gives his parents (aged 75 and 68) $5,000 allowance monthly and his parents are not living with them. Catherine's father passed away few years ago. Her 65-year-old mother is disabled, lives in private residential care home for the elderly which costs $12,000 per month paid by Catherine. Johnson's employer provides good employee benefits, including group life insurance equal to three times Johnson's annual salary, group disability insurance and adequate family medical insurance. The beneficiary of Johnson's group life insurance is Catherine. Catherine's employer just provides basic medical insurance but she has purchased a whole life insurance and the beneficiary is Johnson. The unsured amount is $2,000,000. Johnson and Catherine current have $600,000 in their bank account. Johnson also holds I-bonds and blue-chips stocks which valued around $100,000 Question 1 (20 Marks) i. Suppose Johnson would like to support his son to study overseas (5 marks) for the undergraduate program (4-year program) which require $1,200,000. How much does Johnson need to save per quarter in 7 years in order to have this education find? Assume the annual interest rate is 8% ii. The Maybe Pay Life Insurance Company is trying to sell Johnson an investment policy that will pay him $30,000 per year forever. a) If the required return on this investment is 5.8%, how much (3 marks) will Johnson pay for the policy? b) Suppose a sales associate told Johnson the policy costs (2 marks) $475,000. At what interest rate would this be a fair deal? iii. Would you suggest Johnson and Catherine to buy an investment- (10 marks) linked insurance policy? Explain why. Question 2 (30 Marks) i. Do they qualified to elect joint assessment? Explain. (6 marks) ii. If Johnson and Catherine elect joint assessment, calculate the tax (24 marks) payable