It has been determined that when Matthew Mathmajor enters college sixteen years from now his parents need to have accumulated $485,000 by that time. Presume that the consumer price index is 6% and the college inflation rate is 8%. Matthew's parents are somewhat conservative investors who expect an after-tax rate of return of 5% on their selected investments.

What amount of money should Matthew's parents deposit at the end of each month to meet this goal?