Your aunt and uncle plan to send your cousin Mikey to a prestigious private school when he turns 13. He will attend this school for 5 years. Currently, the school fees are $20,000 per year. The fee includes catered lunches, cultural excursions and sports activities. It is expected that the school fees will increase by 2.5% every year. Mikey has just turned 8. During his senior year he will need a car, which will cost (used) and estimated $15,000 at that time. Your aunt and uncle have investments that generate an annual return of 8%. How much must your aunt and uncle put aside every month in order to be able to send Mikey to this private school and provide him with a car during his senior year?

SHOW CORRECT AND COMPLETE TIMELINES, ROUND TO THE NEAREST DOLLAR. USE FOUR DECIMAL PLACES WHEN SOLVING.