OHaganBooks.com has just introduced a retirement package for its employees. Under the annuity plan operated by Sleepy Hollow, the monthly contribution by the company on behalf of each employee is $900. Each employee can then supplement that amount through payroll deductions. The current rate of return of Sleepy Hollow's retirement fund is 7.2%.

Percy Egan, the assistant website developer at OHaganBooks.com, plans to retire in 8 years. Currently, there is $70,000 in his retirement annuity.

Egan wants to be in a position to draw at least $7,000 per month for 25 years after his retirement. He feels that he can invest the proceeds of his retirement annuity at 7.7% per year. How much will he need to contribute to the plan (in addition to the company contribution of $900), starting now? (Assume interest is compounded monthly. Round your answer to the nearest cent.)