Problem 5-51 Investing for Retirement (LG5-4, LG5-9)

Monica has decided that she wants to build enough retirement wealth that, if invested at 8 percent per year, will provide her with $5,300 of monthly income for 25 years. To date, she has saved nothing, but she still has 30 years until she retires. How much money does she need to contribute per month to reach her goal? First compute how much money she will need at retirement, then compute the monthly contribution to reach that goal.

Contribution per month =