1) How much money is needed to establish a scholarship fund that will pay out $40,000 a year forever, if the money is invested at an annual rate of 8%, compounded monthly? 2) A parent wants to save up $100,000 for their child's education. They plan to make quarterly contributions, starting 3 months from now, to an account which pays interest at an annual rate of 6%. If the child starts university in 8.5 years, what should the quarterly contribution be? 3) Stephanie opens a savings account that accumulates interest at a nominal rate of 5%, compounded monthly, to purchase a car in 3 years. At the same time as she opens the account, Stephanie makes a payment. She then continues to make that same payment each month. When she opens the account, the car costs $25,000. However, the cost of the car increases with inflation at an annual effective rate of 1.8%. What monthly payment amount is needed so that Stephanie can purchase the car in 3 years