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L'Jarius Sneed wishes to save money to provide for his retirement in 2 5 years. Beginning one month from now, he will begin depositing a

L'Jarius Sneed wishes to save money to provide for his retirement in 25 years. Beginning one month from now, he will begin depositing a fixed amount each month for the next 25 years into a retirement savings account that will earn 7.9% compounded monthly. Then, one year after making his final deposit, he will want to withdraw $70,700 annually for 10 years for his retirement. The fund will continue to earn 7.9% compounded monthly. How much should his monthly deposits be so that he will have enough money to purchase the annuity that pays $70,700 a year for 10 years when he retires?
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$527.76
$1,567.71
$502.62
$427.23

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