Peter wants to save some money for his daughter Gwens education. Tuition costs $20,000 per year in todays dollars and is paid at the beginning of each year. His daughter is 3 years old today and will go to school starting at age 18. She will go to school for 4 years. Peter can earn 8% on his investments and tuition inflation is 4% (you can assume today is the beginning of the year). He will save at the end of each year until the beginning of his daughter's first year of college.

(a). What's the value of the first tuition due at age 18? (keep four decimals)

(b). What's the present value of all the four tuition payments at age 18? (keep four decimals)

(c). What's the present value of education funding at today (age 3)? (keep four decimals)

(d). How much does he need save every year? (keep four decimals)