Derek Ha is saving for a down payment on a condo in five years. He has $35,000 in his TFSA account now and he plans to deposit another $10,000 at the end of each year. He earns 4% on his investments in the TFSA. The condo he would like costs $500,000 now and prices are rising 2% p.a. He needs a down payment of 20% of the price of the condo.

1. Show that Derek cant meet his goal with this plan.
2. What are four adjustments he could make to meet the goal? No numbers, just words.
3. Show numerically what change he would have to make to be able to have the down payment for a condo for one of the adjustment methods that you identified in part b).