16 Ivan, aged 50, with a marginal tax rate of 50%, would like to discuss individual disability insurance to cover up to 60% of his income in case he is unable to work due to illness or injury. You have asked him to bring a summary of all his assets and income. Reviewing the summary, you see: 

• $75,000 in pre-tax employment income 

• A registered annuity with a 2% rate of return on a principal of $1,000,000 

• A non-registered investment paying $2,000 per month in dividends 

• Rental income in the amount of $1,500 per month 

What is the appropriate amount of monthly income benefit to recommend, if he wishes to cover up to 60% of his eligible income?