Ross has decided that he wants to build enough retirement wealth that, if

invested at $7$ percent per year, will provide him with $$3,900$ of monthly income

for $25$ years. To date, he has saved nothing, but he still has $15$ years until he

retires.

How much money does he need to contribute per month to reach his

goal? First compute how much money he will need at retirement, then

compute the monthly contribution to reach that goal. $($Do not round

intermediate calculations and round your final answer to $2$ decimal places.$)$

Answer is complete but not entirely correct. Ross has decided that he wants to build enough retirement wealth that, if invested at $7$ percent per year, will provide him with $$3,900$ of monthly income for $25$ years. To date, he has saved nothing, but he still has $15$ years until he retires.

How much money does he need to contribute per month to reach his goal? First compute how much money he will need at retirement, then compute the monthly contribution to reach that goal. $($Do not round intermediate calculations and round your final answer to $2$ decimal places.$)$

What is the contribution per month?