A married couple have a five-year-old child who will attend college in 12.5 years. They have saved $20,000 to date in a 529 plan and a CFP Professional estimates the future cost of a four-year degree to be $390,000. How much will they need to start saving today, at the beginning of each month, to reach this goal if the CPI is 3%, the inflation rate for college costs is 5%, and their expected rate of return is 8%?

Group of answer choices

$1,301

$1,310

$2,003

$2,008