The Kucharskis have decided to invest in a college fund for their young son. They invested $40,000 in a deferred annuity that will pay their son at the beginning of every month for 4 years, while he goes to college. If the account earns 3.00% compounded monthly and the annuity payments are deferred for 13 years, what will be the size of the monthly payments?

A college plans to set up an endowment fund that will provide a scholarship of $4,500 at the end of every quarter, in perpetuity. How much should the college invest in the fund, if the fund earns 4.50% compounded quarterly?