Chip and Karla are parents of a young child. They expect their child to attend college exactly 16 years from today, and they wish to have accumulated the amount of $110000 when their child reaches college. In order to meet their goal, they will begin making MONTHLY contributions to a special account devoted to the retirement goal. Contributions to this account will begin one month from today, and will continue placing equal monthly amounts into her retirement account for the next 16 years. What minimum amount needs to be placed in the college savings account at the end of each month so that they will reach their goal if the annual interest rate is 6.50%. Instructions: Place your answer to the nearest dollar. Work all calculations using at least SIX decimal points of accuracy. DO NOT USE A DOLLAR SIGN ORA COMMA IN YOUR