(Solved): Suppose you are 25 years old and would like to retire at age 60. Furthermore, you would like to have ...

Suppose you are 25 years old and would like to retire at age 60. Furthermore, you would like to have a retirement fund from which you can draw an income of

per year-forever! How much would you need to deposit each month to do this? Assume a constant APR of

and that the compounding and payment periods are the same. To draw

per year, there must be

in your savings account when you retire. (Do not round until the final answer. Then round to the nearest integer as needed.)