The Obamas want to begin saving for their two daughters college fund because they want to go to Johnson C. Smith University and Tennessee State University. They estimate they will need $1,000,000 to pay for their college tuition and cost. They want to know how much they need to set aside at the end of each month, starting now, in a college savings fund that will yield 6.5% interest annually. They have 15 years to complete this goal for their college fund.

How much do the Obamas need to save at the end of each month?