You are an experienced personal financial planner working in Oshawa, Ontario. On November 15, 22, you met with your new clients, Claire and David Johnston. Below is a summary of your notes from the meeting. Claire and David Johnston have been married for 9 years and have a 7-year-old daughter named Maegan. Claire and David are both aged 36. Claire is pregnant and the Johnston's are expecting their second child in 4 months. They currently rent a small two-bedroom apartment for $1,900 per month. David works as a manager for a robotics manufacturer and earns $110,000gross annual income (\$82,350 after payroll deductions of CPP, El \& tax). Claire works as a writer/editor for a local newspaper and earns $35,000 gross annual income ( $29,500 after payroll deductions of CPP, EI \& tax). Two months ago, Claire received a tax-free inheritance from her late father in the amount of $200,000. Claire and David used $40,000 of the inheritance to each contribute $20,000 to their Two months ago, Claire received a tax-free inheritance from her late father in the amount of $200,000. Claire and David used $40,000 of the inheritance to each contribute $20,000 to their own RRSPS. The Johnstons do not make regular contributions to their RRSP accounts. They make RRSP contributions only when they have extra money at the end of the year. The remaining balance of the inheritance, $160,000, was deposited by Claire info a joint savings account (joint with David) at the local bank because they were unsure how to invest their money. The interest rate on this account is 1% per year. David and Claire have disability insurance and health care insurance through their employers but neither has any life insurance. CUENT GOAIS AND OBIECTIVES (5 Marks) Consider the client's retirement planning needs. a. What are the client's investment objective for the RRSP account and why? b. List and describe three likely income sources for your clients in retirement at age 65