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1. Take their annual retirement amount and project it forward to the age of retirement which will be 65 years old. Break this number down into a monthly earnings. Show your work.
2. Assume that monthly income remains constant in retirement. Using your projected monthly income numbers for each student along with other needed information, calculate the amount of money that must be in the RRSP at the age of retirement in order to fund the future monies involved. Show your work.
3. Using your required RRSP amounts at the age of retirement, for each student calculate their approximately monthly contribution required to reach that goal. Assume no starting amount in your calculations. Show your work.
4. A lot of companies advertise something similar to Freedom 55, which means that you can retire at age 55 instead of age 65. Determine the impact of retiring at age 55 on each of the monthly contributions. Discuss the implications of what you see. Show your work.

Information	Student 1
Name	Red
Age	18
Retirement income amount	$40,000
Life expectancy in years	81 years old
Inheritance Amount (show work)	I/Y: 1.25 P/Y: 1 C/Y: 1 PV: 60,000 N: 81-18 = 63 PMT: 0 FV: ? = $131,231.55
Long-term Interest Rate	1.25%
Long-term Annual Canadian inflation rate	3.8% per year