Shaz is plans to retire in 24 years. He wants you to assume he will be retired for 12 years before he dies. You calculated that Shaz needs $1,677,503 as a lump sum at the beginning of retirement. Use an investment return of 9 percent and an inflation assumption of 1.6 percent. How much money will he need to save monthly to have this amount when he begins retirement? (Round the final answer to 2 decimal places)