Marco is plans to retire in 22 years. He wants you to assume he will be retired for 26 years before he dies. You calculated that Marco needs $1,561,531 as a lump sum at the beginning of retirement. Use an investment return of 8 percent and an inflation assumption of 3.9 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)