Ms$.$ RealPro wants to invest her savings of $$10,000$ per year for ten year, at the end of which she

will use the money to pay for her children$$s university education.

Her marginal federal tax rate is $29\%,$ marginal provincial tax rate is $11\mathrm{.}16\%,$ and marginal

provincial surtax rate is $56\%.$ Dividend Gross up is $44\%.$ Dividend tax credit is $17\mathrm{.}97\%$ at the

federal level and $6\mathrm{.}4\%$ at the Ontario level of the grossed up dividend $($taxable dividend$)$

She is considering the following alternatives:

$1.$ AllPay stock which pays $4\%$ dividends but no capital gains,

$2.$ NoPayLimited does not pay any dividends but is expected to grow at the rate of $4\mathrm{.}2\%$ per

year.

$3.$ Safe Bank Limited term deposit pays $5\%$ interest per annum.

Compute the future value of each of the above investments after paying all relevant taxes.