When George was 50 years old, he inherited a lump-sum of $80,000 from his father. He invested the money in an equity fund outside of his RRSP because he did not have any contribution room left. He pays the income tax on the investment return from the investment return, and reinvests his after-tax return. If the fund earns 9% per year before tax, how much will George have in the equity fund at age 65, if his marginal tax rate between now and retirement is 46%? $222,120 $411,333 $197,096 $163,019