You plan to invest part of your paycheck to nance your children's education. You want to have enough in the account to draw $1000 a month every month for 8 years beginning 20 years from now. The account pays 0.5% interest each month.

a. How much money will you need 20 years from now to accomplish the nancial objective? Assume you stop investing when your rst child begins collegea safe assumption.

b. How much must you deposit each month during the next 20 years?