You plan to buy the house of your dreams in 16 years. You have estimated that the price of the house will be $63,301 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 11.91 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?
Round the answer to two decimal places.