Suppose that at the time Jim retires he has a total cash from all his assets (including the above savings) in the amount of $1,200,000. It is estimated that this fund will be earning an interest rate of 2.5% p.a., with interests to be compounded monthly. Jim believes that he can live healthily for 35 years after he retires and he intends to spend this savings by renovating his unit which he estimates to cost about $70,000 at the time he retires and then withdrawing an equal amount of money at the beginning every month from this fund for 35 years. What is the equal amount of money that he withdraw from this savings account every month for 35 years? (Assuming there will be no more cash to be deposited into this account over the 35 years.) (1 mark)