You would like to give a $1,200 scholarship to a deserving student every year. You want the scholarship to be funded by an investment account so it can continue for 30 years.

a] how much money must b e deposited in an investment account, paying 8 % interest compounded annually, in order to give $1,200 scholarship every year for 30 years?

b] You would like to save the money needed for the endowment by making regular monthly deposits for 20 years, into an account earning 5% compounded monthly. How much do you need to deposits every month to reach your goal ?

Please do explain also how to use the TI-83 calculator