Kevin Simmons wishes to purchase a boat in 8 years when he retires. The boat is currently worth $200,000. Inflation is expected to cause this price to increase at 5% per year, compounded annually, over the 8 years before he retires. Kevin Simmons is willing to save a certain amount at the end of every month for the next 8 years to fund the cash purchase of such a boat (one that can be purchased today for $200,000) when he retires. How large an equal monthly deposit must Kevin Simmons make at the end of each month into an account paying an annual interest rate of 9%, compounded monthly, in order to be able to buy the boat upon retirement?