You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $3500per month. You have access to an account that pays an APR of 7.2% compounded...

You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $3500per month. You have access to an account that pays an APR of 7.2% compounded monthly. This requires a nest egg of $486,388.97.



What monthly deposits are required to achieve the desired monthly yield at retirement? (Round your answer to the nearest cent.)