Jane has been saving R500 in her retirement account each month for the last 20 years and plans to continue contributing R500 each month for the next 20 years. Her account has been earning an 8 percent annual interest rate and she expects to earn the same rate for the next 20 years. Her twin brother, Jack, has not saved anything for the last 20 years. Due to sibling rivalry, he wants to have as much as Jane is expected to have at the end of the next 20 years.

Required:

If Jack expects to earn the same annual interest rate as Jane, how much must Jack save each month to achieve his goal if he starts saving now?