Mary and Murray have been working with you as their advisor and have a retirement savings plan that is currently on track. This is based on an annuity model for retirement income. Today they would like to discuss with you what they would need to do so that they might additionally leave each of the respective colleges a $800,000 endowment at their death. Neither Mary nor Murray are insurable for life insurance so savings is their only option.

They anticipate retiring in 20 years at age 67 and planning age that you are using is 95 years old.

The nominal investment growth rate anticipated over this entire time. It is 6.8 this on a perimeter right % and the anticipated average inflation rate is 2.7% per year.

Set periods to monthly for all calculations, round to the nearest dollar and include the "$" sign in your answer.

What is the total that Mary and Murray should have accumulated towards this goal by age 67? _________________

If Mary and Murray save every month beginning immediately until age 67 how much should they be saving each month combined? _____________

-Note: please put the answer in full dollar format (dollar sign and a comma if needed)