Suppose you are 35 years old and would like to retire at age 60. Furthermore, you would like to have a retirement fund from which you can draw an income of $150,000 per year-forever! How much would you need to deposit each month to do this? Assume a constant APR of 8% and that the compounding and payment periods are the same.

To draw $150,000 per year, there must be $___ in your savings account when you retire.

You can reach your goal by making monthly deposits of $___.