According to one study, the average monthly cell phone bill in a certain country is $40 (up 31% since 2009). If a 21-year old student with an average bill gives up his cell phone and each month invests the $40 he would have spent on his phone bill in a savings plan that averages a 5% annual return, how much will he have saved by the time he is 70? He will have saved $ by the time he is 70. (Round to the nearest cent as needed.)