You and your spouse welcomed a new baby boy today. You have a plan to pay for 4 years of college for your child when they reach college age. You opened a savings account today with an initial deposit of $6,000. In 18 years from now, when your child is beginning to attend college, 4 years of college will cost $600,000. The bank is giving you an interest rate of 1.75% compounded monthly. How much will you need to deposit each month in the college savings account to have saved enough money to cover the entire cost of 4 years of their college tuition by their first day of college?