Chang plans to set aside money for his young daughter's college tuition. He will deposit money in an ordinary annuity that earns 4.2% interest, compounded monthly. Deposits will be made at the end of each month. How much money does he need to deposit into the annuity each month for the annuity to have a total value of $71,000 after 16 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. $ X