Steve and Helen want to retire when they turn 65 and have enough savings by then to last them until they turn 80. In the first year of their retirement they would like to have as much after-tax annual income as they currently have; however, they would like their after-tax annual income to increase by two percent annually for the remaining 14 years of their retirement. Starting January 31, 2021, they plan to save an equal amount at the end of each month until they turn 65; they expect their savings to earn an annual interest rate of five percent compounded monthly between now and the time they turn 80. When they retire, Steve and Helen will be receiving their annual income at the end of each retirement year. By the end of 2020, both Steve and Helen, a married couple, will be 30 years old. Further, they are expecting their son to be born in the latter half of December 2020. Steve and Helen are both employed and their pre-tax annual income is $75,000 and $60,000, respectively. Their combined federal and state income tax rate is 28%.

Calculated the amount of money Steve and Helen have to save each month to reach their retirement goal.