John, who just turned 25 years old today, has decided to open a retirement account. He would like to have accumulated $1 million in his retirement account by the time he turns 50 years old. His retirement account will earn 7% interest, compounded monthly. If John makes equal monthly contributions to his retirement account on the first of every month starting today, how much would he need to contribute at the end of each month to have accumulated $1 million by his 50th birthday? $1,317.54 $1.227.30 $ 1,234.46 none of the selections is within a dollar of the correct answer $1,231.35