What else you would recommend to the evans

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Reference no: EM133491822

Case: You will be doing an analysis of Riley & Harper's savings for Drew's education. You can use an online calculator available on internet. If so, you must provide the reference for it. If anyone uses Texas BAII Plus Financial Calculator will given one bonus mark for this assignment. You must show all your work clearly as to how you have done your calculations.

Part 1: Education Planning Analysis a) Calculate how much it will cost to meet the Drew's post secondary education goal? Calculate the funds available when Drew starts her degree program. Calculate the amount of surplus or shortfall. Will the Evans be able meet their education goal? If there is a shortfall, how much they need to save monthly starting today in addition to their current savings to meet their education goal starting today. [Note: You will only use the information given in the case study.

You will not provide any recommendation(s) here.] b) Assume that starting from 1st January 2023 with no change in their previous account in-trust value, they have ported/transferred their in-trust account to RESP account with no tax and penalties. Calculate the funds available when Drew starts her degree program. Calculate the amount of surplus or shortfall. Will the Evans be able meet their education goal? If there is a shortfall, how much they need to save monthly starting today in addition to their current savings to meet their education goal starting today. [Note: You must use FP Canada Assumptions Guidelines to perform your analysis. You will not change the asset allocation for this analysis. You will only use the information given in the case study. You will not provide any recommendation(s) here.]

Part 2: Putting it All together Provide the advantages and disadvantages of the above two scenarios. Based on your analysis, which scenario you will recommend to Evans. What else you would recommend to the Evans so that they can meet their education goal and to reduce the shortfall risk? You are free to make any changes to the selected scenario, if required. You must use FP Canada Assumptions 2022 here.

Reference no: EM133491822

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