Benjamin and Sarah want their 3 children to go to private school. Sarah gets a discount from school for her position. There 3 kids are ages 4,1, and 1. the discount is 50% off on tuition for the students in K-8th grade and 75% off tuition for students 9-12th grade. Current tuition is 3665 per kid per year. tuition is expected to increase 5% per year. The children will begin kindergarden at age 5. Also, The parents would like to provide financial assistance to their childern while they are in college. they have decided to provide $15,000 per year for tuition, room, and board.ANy additional information will be provided by a trust or student loan. Average cost of college is $25,000. it is expected to rise 5% per year. the childern are expected to attend college right after high school at age 18 and attend 4 years.

a) assuming earning rate of 8%, calculate the amount needed today to fund the childerns college education.

b) assuming earning rate of 8%, calculate the amount the parents need to save each month to fund the childerns college education. Assume that savings will begin at the end of this month and continue until the youngest childern begin college