You are saving for the education of your two children. Your daughter will begin university 13 years from now, your son will begin 16 years from now. The university expenses will be 19,000 per child per year for three years. The interest rate is 4%.

a) How much money must you deposit in an account today to fund the education of your daughter and son, respectively? All payments are at the end of each year.

b) If your daughter takes a gap year off to travel and starts university one year later than planned, how much money would be left over at the start of her university education?