Question No 3 (12 marks) Student Number: 20339373 Your brother heard about the benefits of compound interest and is asking you for financial advice. He wants to know how to soon to save for his future child's education in an RESP. He would really like his child to go to Queen's. The current year's tuition and living expenses is estimated at $25,000/ year and he expects this to increase by inflation of 2% per year. He a 10% annual return on his invear undergraduate in 20 years. He also expects to be able to earn investment, compounded annually. Remember to adfual tuition and living expenses expected to be in 20 years? Hint: b) If he expects his child to enroll in a four-year program, how much would he have to save today to have enough for four years of tuition and living expenses (assume that the tuition payments begin at the end of 20 years from now)? Hint: Remember that tuition and living expenses are still growing each year by inflation. (6pts)