Michael and Michelle are both 37 years old with three young children. They have a combined total of $30,000 saved in their RRSPs, and their goal is to have a total of $2 million in their combined RRSPs by the time they retire. They would like to know what monthly income this would provide them in their retirement. They also ask you how much they need to save monthly in order to meet this goal if they both retire at age 65. You assume that they will each live to age 90 and that investments will earn 5% per year compounded monthly.