Edward and Michael are twin brothers. Edward started working at age 22 and began contributing $500 per month to a 401 K plan, beginning one month from his first day at work. Michael continued to Medical School and started working at age 30. Michael will also make equal monthly contributions to his 401 K plan beginning one month from his first day at work. Both Edward and Michael plan to retire at age 68. How much should Michael contribute each month if he wants to retire with the same amount of money as Edward has at retirement? Assume their investments earn a rate of return of 8.4 percent. $823 O $1,162 $1,078 $997 O $712