How much will Jimmy and Jane need to save per month to pay for their retirement income for 30 years assuming that they can earn 7.0% per year, compounding monthly, on the invested funds. Assume Jimmy and Jane stop saving in 35 years when they reach 60, and funds are then held in a savings account earning zero. Further, assume that the 401k is NOT used for income, as it will be needed for a vacation home transition. (Hint:

Use $6,500,000 as your total future value variable.)