Frank buys a house at age 48 for $600,000 by making a $170,000 down payment and securing a 30-year mortgage with 3.54%/year interest compounded monthly. He sells his house at age 65 when he retires for $840,000 and adds his equity in his retirement account. If Frank wants to receive $8,000 every month during his retirement for 28 year, then how much he needs to deposit every month into his retirement account starting at age 27 that pays interest at the rate of 2.07%/year compounded monthly