Cheryl Wilcox is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive a payout of $1,500 per month for twenty years.
(a) How much money must she deposit if her money earns 8% interest compounded monthly? (Round your answer to the nearest cent.)
(b) Find the total amount that Cheryl will receive from her payout annuity.