b. A business sets up a sinking fund so they will have a $54,000.00 to pay for a replacement piece of equipment in 12 years when the current equipment will be sold for scrap. If they make deposits at the end of each month for 12 years in the investment that pays 5.3% compounded monthly, what size should each payment be? The monthly payments are $________. (Round to 2 decimal places.)

c. A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the account in order to have $50,000 saved up for when she goes to college in 15 years, assuming the account earns a 8% return. Annual Deposit is $_______