Rachel started a fund that would pay out $1,800.00 every month in perpetuity. The fund earns 4.44% 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 4.44% compounded semi-annually?

$

Round to the nearest cent