Wilfred is 30 years old. He is a fashion designer and currently earns an annual salary of around $500,000. After working for 10 years, he has accumulated around $1,000,000 in savings. He has no experience in any other investments. His girlfriend suggests that he make some investments in mutual fund shares instead of leaving all the money in time deposits of 1% interest only. Wilfred has approached you for advice since you just took a course of personal financial planning. Required: 1. Explain to Wilfred the key reasons for purchasing mutual fund shares. (10 marks) 2. What recommendations would you make regarding Wilfred's choice for mutual funds? Which funds should he choose? Elaborate the reasons. (15 marks)