Elijah and his wife, Carol, had their first child on Elijah's 30th birthday. They decided that it was time to meet their financial advisor, Cheng, and request that he create a sound financial plan for their future.

Cheng commenced his analysis by understanding their current situation. Through a few questions, he gathered the following information: Elijah had a stable job as a college professor and had plans to retire at the age of 65. He would like to receive a pension amount of $36,000(real dollars) every year when he retires. Both of them would also like to create a fund that would support their child through his university education.

Recently, Elijah received a lump sum amount of $75,000 from the will of a wealthy uncle who had recently died. At the end of the discussion, Elijah also added that he had a vision of donating some money to his college when he retires. His hope is that the college would create an endowment fund that would provide a suitable scholarship for the college's brightest MBA student who is also needy. The fund would last 25 years.

With this information, Cheng, created the following financial plan for Elijah:

1. Make month-end deposits into an RESP starting at $100 and increasing the deposits by 0.25% every month for 17 years. In 17 years from now, your son will be able to withdraw money at the beginning of every year from the RESP for his university education and increase his withdrawals by 2% every year (to cover for any inflation in the economy) for 5 years. During the first 17 years, your money will be growing at 6% compounded monthly, and thereafter, we will move the RESP to a fund that earns 4% compounded annually for the next 5 years.

2. Save the lump sum amount of $75,000 in an RRSP at 6% compounded quarterly. When you are 65-years-old, withdraw 200,000$ from the fund and donate to the university.

3. Convert the balance amount in the RRSP to an annuity paying $36,000 annually. Elijah and Carol were excited that they had a financial plan in place for their future. However, they needed a few clarifications and sent Cheng an email with their questions. Assist Cheng in providing Elijah with answers to the following questions:

a. What would be our son's first withdrawal amount for his 5-year university education?

b. Assuming, they would live till 100, do they need to add any more money into their retirement account?

c. How much do they have to save every month in their RRSP to achieve their retirement?

d. What would be the scholarship that the student will receive at the beginning of every six months for 10 years if the college creates an endowment fund on my 65th birthday, and the fund earns 5% compounded every 6 months?