Present Values of Investment in 8 Months?

• lump sum payment

A man will have to spend $1500 in 8 months times on a plant. In order reach his target he deposited a single sum today and that deposit earns 6%p.a. compounded monthly.


i. How much is the deposit?

ii. How much is the interest earned?


Thanks

Present Values of Investment in 8 Months?