1. Suppose your Professor currently has $1,000 in savings and would like to retire in 30 years to Hawaii with $2.5 million.Your professor is afraid that if he made annual contributions, he could not be disciplined to save during the year for the annual contributions.You mentioned he could make monthly contributions and he said, "Great! Why didn't I think of that " ? If he can earn 8.75%, compounded annually on his investments, how much should he set aside monthly in equal installments to reach his goal?

a $ 1,430

b $ 1,504

c $ 1,524

d $ 1,593