Jennifer's pension plan is an annuity with a guaranteed return of 7% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 35 years before retiring....

Jennifer's pension plan is an annuity with a guaranteed return of 7% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 35 years before retiring. If her pension is then paid out monthly based on a 20-year payout, how much will she receive per month? (Round your answer to the nearest cent.)

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