Question 4 (Answer question 3 or 4, not both; 33 marks) Peter has a mortgage loan with an outstanding balance of $3 million; he needs to pay $10,000 to support his family monthly; he has an 18-year-old son who will articulate to a self-funded university in Hong Kong tomorrow. His son's university programme will last for 4 years with tuition fee to be adjusted by the inflation rate. Assuming the inflation rate is 3% and will last for next 10 years; funds can always earn a return of 5% and his son's university-related expenses including tuition fee is $120,000 per year; calculate how much life insurance protection Peter needs if he wants to protect his family and his son for the next four years. Students are required to show the detailed financial calculator inputs, including the mode(s) used. Question 4 (Answer question 3 or 4, not both; 33 marks) Peter has a mortgage loan with an outstanding balance of $3 million; he needs to pay $10,000 to support his family monthly; he has an 18-year-old son who will articulate to a self-funded university in Hong Kong tomorrow. His son's university programme will last for 4 years with tuition fee to be adjusted by the inflation rate. Assuming the inflation rate is 3% and will last for next 10 years; funds can always earn a return of 5% and his son's university-related expenses including tuition fee is $120,000 per year; calculate how much life insurance protection Peter needs if he wants to protect his family and his son for the next four years. Students are required to show the detailed financial calculator inputs, including the mode(s) used