The Scenario: You are going to save up money for your child's future post-secondary education. Canadians achieve these savings through a Registered Education Savings Plan (RESP). An RESP is simply an account that financial investments such as shares, bonds, equities, or mutual funds are placed and can grow on a tax-free basis. Additionally, money contributed to an RESP is eligible to receive the Canada Education Savings Grant (CESG) which deposits 20% of the individual's deposits into the RESP every 6 months (up to a maximum of $1000 per year). The RESP can be contributed to, and CESG eamed, up until the time the child tums 18 years old. After 18 years old, the RESP can continue to earn interest, but no further contributions can be made. In order to complete this scenario, you will need to make these choices and research the following (no marks can be earned if valid research is not provided where required): 1) Pick an age for your child. The age must be a whole number between 0-4 years old. 2) Select an amount per month that you will contribute to your child's RESP. This amount can be between $100 to $300. Since this is an RESP, we do not have to take into account the effect of tax since the investment will grow on a tax free basis. Let's assume the child immediately enrolls in a 4-year degree program upon turning 18. Each annual tuition amount is paid in full in advance of the school year. Develop a 4-year plan showing how the RESP could be used to fund the child's post-secondary education. Show all work and explain any assumptions or requirements. (12 points)