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Sebastian and Samantha are 52 and 53 respectively. They have two children that have graduated from York University with a degree in Business Administration, specializing in finance. The children have now found jobs and will be moving out of their parents' home in the near future. They would like to save $20,000 after-tax for each of their 2 kids to provide as a gift in 5 years to help them start their independent lives. They plan on saving a monthly amount from now, at the beginning of each period.
Problem a) Identify the family's current stage of the life cycle based on the text reading and specify areas of high importance for them at this time. Explain why these areas are of high importance. Most marks will be allocated for the explanation.
Problem b) Identify 2 financial goals stated in the case.
Problem c) Calculate how much Sebastian and Samantha need to save for each goal based on their current plan.
Problem d) Assume they can only save $400 monthly for the kids and $4,000 annually for retirement, suggest 4 alternative options they have to achieve their goals and show calculations for each option.
Problem e) Out of the four options you suggested, which would you recommend for each goal and why?
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