Cathrine just turned 31. After consulting a financial planner and laying out her retirement goals, she calculates that she will need a balance of $480,000in her retirement account to supplement Social Security she plans to start collecting when she turns 64. She plans to Strat saving innmediately and to invest her funds in a market index fund that is expected to have an annual return of 4.7% ov er the 33 years she will be saving money for retirement. How much does Cathrine need to save and invest every MONTH in order to reacher goal of having $480,000 by the time she is age 64?

$529.22

$554.09

$491.94

$507.84