2. Emma has finished paying her parents and decides that she will divert most of those payments towards her daughter's RESP and her own RRSP. She will divert $600 monthly to her RRSP. Her daughter has...

Extracted text: 2. Emma has finished paying her parents and decides that she will divert most of those payments towards her daughter's RESP and her own RRSP. She will divert $600 monthly to her RRSP. Her daughter has just turned 4 yeals old and will enter university when she is 18 years old. Emma expects her daughter to contribute to her own education but plans to have $42,000 available when her daughter starts university. (RESPS have government grants; RRSP have tax deferrals and refunds and both have withdrawal rules. These will be ignored here. Only the tax-free growth will be assumed.) Emma has assembled a portfolio for her RRSP that will return 5.2% compounded monthly. The education portfolio will return 3.8% compounded monthly. How much must Emma deposit monthly to fund her daughter's education as а. planned?