Lucas is 22 years old and has recently completed a Bachelor of Commerce at Deakin University. He has decided to put his learnings into practice and wishes to commence his investment journey. Lucas has decided he would like to invest in BOTH superannuation and property. i) Explain what Superannuation is. (2 marks) Lucas plans to retire at the age of 65 (in 43 years), and decides he can afford to contribute $550 per month into his superannuation fund. His employer will also pay $600 per month (as required by workplace law) into his superannuation account, therefore at the end of every month $1 150 (ignore tax implications) will be contributed towards his superannuation savings. ii) Assuming contributions of $1 150 per month do not change over the next 43 years, and his superannuation fund has the capacity to grow at 7% p.a. compounded monthly, how much will Lucas have in his superannuation account when he retires at age 65? Show formula, variables, calculations and a concluding statement in your response