Cubone loves XYZ University and Cubone's child will go to XYZ Univeristy. Cubone expects a 3.4% increase every year. First, find out how much will need to be borrowed in 20 years (2060). Cubone then realize that if enough money was saved then the child would not have to worry about paying student loans. Thus, Cubone go to the bank and find an Ordinary Annuity which compounded monthly with an annual interest rate of 1.23% and would like to invest into it so that the entire loan (tuition in the year2060) will be paid off. How much money each month will Cubone have to regularly deposit if you know how much you need to borrow in the future, with an annual interest rate of 1.23% compounded monthly for 20 years?