Jill has a balance of $966,000 in her retirement savings account. She expects to retire in 8 years. She will not save any additional money until she retires, but what she has in savings now will earn 7% for the next 8 years.

Bob has a balance of $342,000 in his retirement savings and he also wants to retire 8 years from now. He plans to save money every year for the next 8 years so that he will have exactly as much money as Jill does 8 years from now.

If he earns the same rate on his savings as Jill, how much will he have to save each year for 8 years to catch up with Jill?

Round your answer to 2 decimal places, for example 1000.12.