The management of a condominium association anticipates a capital expenditure of $130,000 in 2 years for the purpose of painting the exteriod of the condominium. To pay for this maintenance, a sinking fund will be set up that will earn interest at the rate of 5.8%/year compounded monthly. Determine the amount of each (equal) monthly installment the association will be required to deposit into the fund at the end of each month for the next 2 years. (Round your answer to the nearest cent.) $