In five years time, you plan to pursue your further study on DBA. You know that graduate studies can be expensive and you estimate that it will cost $50,000 per year for tuition fee and other expenses. These payments will be made at the BEGINNING of the year. To have enough money to attend graduate school, you have decided to start saving TODAY by investing in a money market fund that pays 4% per annum with monthly compounding. You will make monthly deposits into the account starting TODAY for the next five years. How much will you need to deposit each month to have enough money for graduate school? (Assume that money that is not withdrawn remains in the account during graduate school and the DBA will take three years to complete). (without Excel)