Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with retirement income of $24,000 per month for 25 years, with the first payment received 30 years and one month from now. Second, he would like to purchase a cabin in Rivendell in ten years at an estimated cost of $340,000. Third, after he passes on at the end of the 25 years of withdrawals, he would like to leave an inheritance of $1,500,000 to his nephew Mitchell. He can afford to save $2,500 per month for the next ten years. If he can earn a 10\% EAR before he retires and a 7\% EAR after he retires, how much will he have to save each month in years 11 through 30? (Round off EMR to 8 decimal places. Round the final answer to 2 decimal places. Omit $ sign in your response.) Monthly savings $