3. You just arrived in Montreal where you will study for the next 3 years. You plan on renting an apartment for $1,000 per month for the first year, with the rent expected to increase by 5% in the second year, and again by 5% in the third year. How much money should your parents send today so that you have enough money to pay for your rent for all 3 years? Assume an interest rate of 5% compounded monthly. a. $33,505 b. $34,000 c. $35,505 d. $37,830 e. None of the above