As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2.5 million. Suppose he invested $1.6 million in an ordinary annuity that earned 7.2%, compounded monthly. How much would he receive at the end of each month for the next 15 years?

(a) Decide whether the problem relates to an ordinary annuity or an annuity due.

ordinary annuity

(b) Solve the problem. (Round your answer to the nearest cent.)