a. A trust fund for a child's education is being set up by asingle paymentso that at the end of 16 years there will be $76,122. If the fund earns interest at the rate of 5% compounded monthly, how much money should be paid into the fund?Enter your answer as a decimal with two digits after the dot, for example, 3568.47

b. Which formula was used in the previous question?

5.2a, 5.3a, 5.4a, or 5.1a