Larry wants to have $500,000.00 in 20 years. He found an annuity that is paying 3% with monthly compounding. Assume the interest rate remains the same while the account is open. Round all answers to the nearest cent.

How much should be deposited each month?

He decides he can only afford$1,200.00$1,200.00each month. How much will he deposit, in total?

What will the future account balance be?

How much interest, in total, will be earned?