Marco is plans to retire in 16 years. He wants you to assume he will be retired for 19 years before he dies. You calculated that Marco needs $1,758,809 as a lump sum at the beginning of retirement. Use an investment return of 7 percent and an inflation assumption of 1.2 percent. How much money will he need to save monthly to have this amount when he begins retirement? (Round the final answer to 2 decimal places)