Q2: Mr. Paul is at the age of 25, and his friend David (an insurance/mutual fund broker) offered him a retirement savings plan investment opportunity. Please help Paul to calculate his investment amount for the financial product based on the following information.

1. Paul made the initial investment of XXXCanadian dollar at the age of 25;
2. When Paul turns his age to 45years (20years), Paul can withdraw cnd$5,000 each year before his retirement at the age of 65 (Another 20 years) from the insurance company for his family cash flow needs;
3. When Paul retires at the age of 65, Paul finally can get annual amount of Cnd$20,000 for 20 years when Paul turns to the age of 85;
4. David/Insurance company assume the annual return is 12%

Please do the calculation How much cnd$ will Mr. Paul deposit for the investment at the age of 25 (suggest to draw the timeline for this case) illustrate the numbers based on time value calculations step by step;