Jane's daughter Sarah will start College in exactly16 years. The price of her target College is expected to be $32,000 every six months. This payment is due every six months beginning the day Sarah starts College, and since Sarah is expected to graduate after four years of College, will total 8 payments. Jane and her husband George currently have $14,000 saved for Sarah's College. They wish to begin a regular monthly savings program starting today and ending one month prior to Sarah beginning College. Assuming a rate of 8% compounded quarterly, how much will Jane and George have to save every month to achieve their financial College goals for Sarah?

(please detail for each step, thanks)