Your client's 401K account has an initial balance of $6,900 and has monthly contributions of $500. It earns 6.1% annual interest, compounded monthly, for 37 years. At the age of retirement, your...

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Extracted text: Your client's 401K account has an initial balance of $6,900 and has monthly contributions of $500. It earns 6.1% annual interest, compounded monthly, for 37 years. At the age of retirement, your client will "annuitize" their 401K balance and take monthly payments for 31 years. Their investments during retirement will earn 4.1% per year, with monthly compounding. Inflation is 3% annually. What is the value of your client's monthly payments in real dollars? Answer = (Round to the nearest penny)