You wish to begin a college education savings program for the benefit of your child, Rebecca, who is 4 years old. Rebecca will begin college at age 18. Currently, the college costs are $10,000 per academic year. You assume that college cost will increase at the rate of 7% annually from now until Rebecca enters college and that you can achieve a before-tax rate of return of 8% annually on funds earmarked for this purpose. They also assume that Rebecca will attend college for 4 years, at which time she will graduate. How much do you have to save monthly for Rebeccas education?