Graham Bell has just retired after 30 years with the telephone company. His total pension funds have an accumulated value of $625,000 and his life expectancy is 16 more years. His pension fund manager assumes he can earn a return of 7 percent, compounded annually on his assets. What is the maximum he can he withdraw at the end each month from the fund? (Assume a constant monthly amount). (Please solve showing calculations (not using excel)).