Suppose you are 30 years old and would like to retire at age 65. Furthermore, you would like to have a retirement fund from which you can draw an income of $100,000 per yearforever! How much would you need to deposit each month to do this? Assume a constant APR of 7% and that the compounding and payment periods are the same.

You can reach your goal by making monthly deposits of $ ?

(Do not round until the final answer. Then round to two decimal places as needed.)