Please thoroughly explain how you got the answers for all the values with all the formulas please. Explain with as much detail as to how you got the answers. Thank you

A couple wishes to have $60,000 saved up for their son's education in 16 years from now. Assuming they can invest the money at 6% compounded monthly, what would they have to invest each month to achieve this? Explain how you derived your answer using the calculator functions below. PV = n/a FV = ? 1 = ? (Hint: Remember to divide this by 12.) N = ? (Hint: Remember to multiply this by 12.) Compute PMT Do you think $60,000 is a sufficient amount? If not, what other options might be considered to assist the child in his financial needs when he attends post secondary school