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Mini-Case 1: Money Management Robert Foster's new job pays $34 500. After taxes and other deductions, his disposable income is $24 000. His monthly expenses total $1600. Robert's most important goal is to save for a new car purchase. However, his older brother, Frank, has urged Robert to start saving from day one" on the job. Frank has lost a job twice in the past five years through company downsizing and now keeps $35 000 in a money market fund in case it happens again. Frank's annual take home pay is $46 000. 1. Does Robert need an emergency fund? If so, how much emergency savings should he try to set aside? What type of account would you recommend for his emergency fund? 2. Comment on Frank's use of liquid assets. 3. Robert has heard that some local auto dealerships may require a certified cheque for down payments. Why would they require a certified cheque? Mini-Case 1: Money Management Robert Foster's new job pays $34 500. After taxes and other deductions, his disposable income is $24 000. His monthly expenses total $1600. Robert's most important goal is to save for a new car purchase. However, his older brother, Frank, has urged Robert to start saving from day one" on the job. Frank has lost a job twice in the past five years through company downsizing and now keeps $35 000 in a money market fund in case it happens again. Frank's annual take home pay is $46 000. 1. Does Robert need an emergency fund? If so, how much emergency savings should he try to set aside? What type of account would you recommend for his emergency fund? 2. Comment on Frank's use of liquid assets. 3. Robert has heard that some local auto dealerships may require a certified cheque for down payments. Why would they require a certified cheque