MichaelJonesis 30 years and wants to retire when he is 65. So far he has saved (1) $5,670in an IRA account in which his money is earning 8.3 percent annually and (2) $5,440in a money market account in which he is earning 5.25 percent annually.Michaelwants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn8.93percent annually. How much willMichaelhave to invest every year to achieve his savings goal?(Round answer to 2 decimal places, e.g. 15.25.)

Michaelwill have to save$