After winning the final battle against Lord Voldemort, Katie Bell, a promising witch and Chaser for the Gryffindor Quidditch team, receives a 3-year offer from a professional Quidditch club. The offer includes a signing bonus of 200,000 (payable at time 0) and 200,000 at the end of each of the next three years. Gryffindor wants to match the offer and keep Katie as an assistant coach. They offer equal monthly payments at the end of each month for 3 years, and offer no signing bonus. What is the minimum monthly salary Gryffindor should offer to outbid the professional Quidditch club, if Katie discounts future cash flows at 20% effective annual rate (EAR)