Calculate approximate monthly amount to invest at the beginning of the period. Round the final answer to two decimals. Please note that intermediate steps should be calculated to at least 4 decimals to get the answer correctly.

Assume the following information for your client

Step
1	Child's AGE	5
2	Years to college	18-(Step 1)
3	Annual College Costs (current dollars)	$65,099
4	Assumed College Inflation rate	3.4%
5	College Inflation Factor. Calculate as (1+Step 4)^(Step 2)	(1+Step 4)^(Step 2)
6	Estimate Future Annual Costs Calculate as	(Step 3* Step 5) or use FV formula in Excel or financial calculator
7	Estimated Total Future Costs (Step 6*) years in college 4	Step 6*years in college
	Funding requirements
8	Assumed after-tax return	14.7%
9	PV Factor	1/(1+Step 8)^Step 2
10	Total Lump-Sum Investment Currently Required	Step 7*Step 9 or use PV formula in Excel or financial calculator
11	Amount already earmarked for education	$27,058
12	Additional Limp-Sum funding required	Step 10-Step 11
13	Years of funding	8
14	PVIFA Due	Move to Step 15 to use Excel or financial calculator
15	Annual target amount to invest	(Step 12*Step 14) or use formula PMT in Excel or financial calculator
16	Approximate monthly amount to invest	(Step 15)/12 months