Question $16(1$ point$)$

You assume you will need $$150,000$ to pay for your child's college education. The child has just turned $6.$ How much money would you have to deposit at the end of every month starting today to ensure the availability of this amount by the time the child turns $18?$ Assume that you can earn an effective interest rate of $7\mathrm{.}0\%$ per year.

Instructions: Round the result to two decimal places and do not put the $"$$$"$ symbol in the answer box. For example if you get a result of $$563\mathrm{.}12837$ then write $563\mathrm{.}13$ in the answer box below.

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