Please help with the following question

Fortune Chiriro, aged 55 will retire 10 years from now as marketing manager of Eagle Amor Management Company (EAMC). At retirement Chiriro will receive R300, 000 tax-exempt lump sum from her retirement savings plan and a R100, 000 taxable cash payment from EAMC. Upon retirement, Chiriro will also receive R2, 000,000 as proceeds from sell of stock in EAMC. Her original investment in EAMC was R4, 000,000.

Chiriro is a divorcee and has a daughter, Rungano, who will be attending a university in five years time. She intends to pay all expenses associated with this three year undergraduate education. Chiriro estimates the first year's expenses will be R150, 000 payable 5 years from now and these expenses will increase approximately 4% annually resulting from inflation in educational costs.

Chiriro has a money market fund that is currently valued at R1,000,000 and earning 6% annually. as part of community engagement she decides to donate R120,000 annually, beginning five years from now. Chiriro's current after tax salary is equal to her current living expenses of R200,000 annually. Chiriro and her daughter resides in a R1,200,000 and she intends to give it to her daughter as part of her estate upon her death.

Chiriro is taxed at 35% on salary, benefits, and investment income. Assume capital gains are not taxed in South Africa. She has expressed a desire to maintain the purchasing power of her investable assets. Her living expenses are expected to grow at an annual inflation rate of 6.5% throughout her retirement period, which is expected to be 18 years given her family's mortality history.

Rudo Marava, CFA is Chiriro's financial advisor. During their meeting with Marava, Chiriro admitted to having vast knowledge about investing. She also said that she views the money market fund as too conservative and a style suitable for old people. Quite often Chiriro took advantage of potentially attractive investment opportunities. She also said that she is habitually conservative in most of the decision except for situations she believes she is in control.

(i) Formulate the return objective in Chiriro's investment policy statement. Calculate the after tax nominal rate of return that is required to achieve this objective for the first year of retirement. Show all your calculations