Question 10 of 13 The Mellows have decided to invest in a college fund for their young son. They invested $50,000 in a deferred annuity that will pay their son at the beginning of every month for 4...

Extracted text: Question 10 of 13 The Mellows have decided to invest in a college fund for their young son. They invested $50,000 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 15 years, what will be the size of the monthly payments? Round to the nearest cent