Phillip started a fund that would pay out $2,900.00 every month in perpetuity. The fund earns 4.53% compounded monthly. Answer the following questions, rounding your answers to two decimal places.

a. How much money would be required to set up this fund? round to the nearest cent

b. How much less money is required to set up the fund than if the money was earning 4.53% compounded semi-annually? round to the nearest cent