Fifty-year old Jay has no savings and has recently changed jobs. He plans to retire in 15 years. His company deposits $800 each month for 15 years into his retirement fund starting one month after he starts his job. He withdraws $2000 each six months for the next 10 years starting six months after starting his job. After retirement, Jay calculates that he needs $12,000 every month for 20 years starting one month after he retires. How much does he have to save each month if he can save only in the last 5 years before retirement? Assume a discount rate of 12% APR compounded monthly. [20 points]