A client of yours has recently become a parent. The family wants to open up an RESP account for their child to save for her university expenses. They plan to send their daughter to study at a University at the age of 18. It costs: $8,088.28 for year 1, $8,049.76 for year 2, $8,011.44 for year 3, and $8,003.52 for year 4. They would like to save in a GIC account which has a 2.20% investment rate. The government will match 20% of annual contributions, up to $500 per year which will continue up to the lifetime limit of $7,200 per child.

1. How much should the parents save in the account each month to fund their childs university expenses?

2. How much of the saving is the parents contribution, the Governments contribution, and the Investment Income.

(Please clearly show all calculations)