A home purchase is going to require a roof replacement in the next eight years. A contractor estimates the cost to replace the roof today is $20,000. However, the work is not going to be completed for five years and material and labor costs will be 13% higher due to inflation. A decision has to be made about how to pay for the new roof by saving for it or having a large cash outlay in year 5. Assume earning 4.4% on investments, what amount would need to be saved each month to cover the costs of the roof replacement in year 5?