Question: please show step by step solution and formula and not excel solution if possible. thank you! The Mellows have decided to invest in a college

please show step by step solution and formula and not excel solution if possible. thank you!

The Mellows have decided to invest in a college fund for their young son. They invested $20,000 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 13 years, what will be the size of the monthly payments? Round to the nearest cent

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