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The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and

The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and monthly compounding, and assume that the quoted rate of return continues indefinitely.)

Mutual Fund Fidelity Growth Company Vanguard 500 Index PIMCO Total Return Vanguard Total Bond Market Index
Rate of Return 15.83% 14.25% 3.77% 2.67%
Type Stock fund Stock fund Bond fund Bond fund

How much should you pay each month into a retirement account invested in the Vanguard bond fund if you wish to retire in 25 years with an investment valued at two million dollars? HINT [See Quick Example 2.] (Round your answer to the nearest cent.)

$

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