Mini Case Study 3 - THE MICHAELS (18 marks) Couple wants to save money for their children's post-secondary education Chris, 33 years old and Marina Michael, 31 years old are a happily married couple, and living in Pickering, Ontario. They are currently renting a house paying $ 3,000 per month. One of their important financial goals is to save enough money for a down. payment and purchase their own home chris is a manager at Canadian Tire earning s 85,000 gross and Marina works for the federal government earning $ 75,000 gross annually. They have two children; a son Andreas, 4 years old and a daughter Sophia who is currently 18 months old. Chris and Marina would like to save money for their children's post-secondary education. They believe, generally speaking, educated people with a post-secondary RESP degree do better in life that those without one. However, they are very concerned with the rising tuition and education costs in Ontario. They estimate the total cost of post-secondary education is $ 12,000 per year ... or $ 48,000 for a 4-year program at a College or University. While inflation for goods and services hovers now around 3 %, the cost of education