(For this question you may write down any intermediary results. Clearly write down what the intermediate numbers you have written represent. Label the actual final answer for monthly payment you get as "Final Answer".)

Today is my 25th birthday. I have $20,000 invested in a brokerage account that I expected to give me a return of 8% compounded semi-annually. I am planning to work until my 60th birthday and put some money away monthly in an investment account that gives me a return of 5% compounded monthly. ( First payment will be one month from now and last payment will be the month on my 60th birthday.)

As soon as I retire, I plan to move somewhere warm and buy a house for $600,000 and invest all my remaining money into risk free treasury bonds that will give me a return of 2% compounded monthly. My expected monthly expense for the remainder of my life is $5,000 a month, beginning the month I turn 60, that I will be needing at the beginning of each month. I want these funds to last until my 80th birthday.

How much should I put away each month in my savings account until I retire, so I can meet all my retirement needs? (Try not to round any intermediate results)

Hint: Use a timeline.