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By what amount should tony increase his personal savings

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Question - Tony wants a personal savings rate (PSR) of 8%. He contributes $100 per month to his TFSA, $3,650 in annual combined CPP and EI contributions, and $3,470 to his defined benefit pension plan (DBPP). Tony has a salary of $44,000 and pays $1,000 per month in taxes, and another $1,500 on his mortgage.

Required - By what amount should Tony increase his personal savings in order to meet his goal?

Reference no: EM133132291

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