11*) Mr. Orange set up a trust fund today for his great-granddaughters college education, where he will make beginning of the month deposits for exactly 18 years. The trust fund would then pay his great granddaughter $6,000 at the end of the quarter over 6 years after she turns 18 and goes to college. If we assume interest rates are 5% compounded semi-annually (always), how large must the original beginning of the month deposits be to support the payments while in college? (4 marks-total timeline is 24 years)

11a) How much money is needed in 18 years to pay the $6,000 quarterly payments.

11b) How large must the beginning of the month payments be over the 18 years?