Mark is planning for his daughter's education. She will be attending a college in 8 years. The college expenses are estimated to be $59,000 for a 4-year college. If he can earn 7 percent APR with monthly compounding on a college savings plan, how much does he have to invest every month for the next 8 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56.