The Kucks have decided to invest in a college fund for their young son. They invested $30,000 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 2.50% compounded monthly and the annuity payments are deferred for 15 years:
a. Calculate the future value of the investment at the end of the deferral period.
Round to the nearest cent
b. What will be the size of the monthly payments their son will receive?
Round to the nearest cent