Margaret Baldwin is a high-income earner with a marginal tax rate of 50%. She plans to borrow an investment loan at 5% interest to invest in a high-growth ETF that is expected to grow at 11% per year. The ETF does not pay any dividends. She wants to save $40,000 in taxes this year, and her accountant informs her that the interest on an investment loan is tax deductible. Because she has excellent credit ratings, the bank manager tells her that she is eligible to get an interest-only investment loan for up to $2.5 million. She plans to hold the investment for 20 or more years. Required: (a) How much is the investment loan (i.e. how much money must borrow to achieve her goal)? (2 Marks) (b) If she invests the borrowed money in the ETF, how much money will she have after 20 years? (2 Marks) (c) If she sells her investment after 20 years, how much money will she have after tax? (6 Marks)