The company you work for will deposit $750 at the end of each month into your retirement fund. Interest on the fund is compounded monthly. You plan to retire 38 years (456 months) from now and estimate that you will need $4,500 per month out of that account for 25 years (300 months) after retirement. If the account earns 3.0% (APR) compounded monthly (0.25% per month) and you have already saved $30,000, how much money do you need to put into the savings each month in addition to your companys deposit in order to meet your objective? The following questions will systematically walk you through this three part analysis (Parts A, B, and C).

C1. What is the shortfall (or deficit) in 38 years, (at the end of your working career and the start of retirement) based on your estimated retirement needs and your accumulated amount for retirement?

C2. So, given your anticipated shortfall in 38 years (part C1.), how much additional must you deposit each month (for 456 months) to eliminate this anticipated FV shortfall? Use two decimal places ($XXX.XX).