You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.

Use the Saving for Retirement information above to answer this question.

Suppose you want to use this fund to buy a $276,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal?

$ ______ . Round to the nearest dollar.