Question: FINANCIAL PLANNING Matt's parents have agreed to contribute $250/month toward the rent for his apartment in his junior year in college. The plan is for Matt's parents to deposit a lump sum in Matt's bank account on August 1 and then have Matt withdraw $250 on the first of each month starting on September 1 and ending on May 1 the following year. If the bank pays interest on the balance at the rate of 5%/year compounded monthly, how much should Matt's parents deposit into his account?