Question
Answered step-by-stepAsked by khalilroundtree on coursehero.com
George: (currently 41 years old, birthday is June 23rd): graduated...
George: (currently 41 years old, birthday is June 23rd):
- graduated in April 2000 and met Kevin's mother at their graduation ceremony, they married a year later; and
- started his own business upon graduation and always paid himself a salary of $300,000 each year for the last 22 years.
George is thinking that his TFSA investments are too conservative and wants to invest in XYZ Inc. as their stock is up 40%! If George invests all his TFSA money in XYZ Inc. and it continues to climb to the crazy predictions that his investment advisor says, then George expects his TFSA could have a market value of $400,000! This would pay for the cottage he has been looking at. If George indeed makes $400,000 by November 2022 and immediately withdraws the amount, how much could he then re-contribute to his TFSA in 2022? 2023?
2022:______
2023:______
Answer & Explanation
Solved by verified expertAnswered by sanjhiv.ramachandran on coursehero.com
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