Use the savings plan formula to answer the following question. At age 40, you start saving for retirement. If your investment plan pays an APR of 5% and you want to have $1 million when you retire in 25 years, how much should you deposit monthly? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.) You want to purchase a new car in 8 years and expect the car to cost $24,000. Your bank offers a plan with a guaranteed APR of 4.5% if you make regular monthly deposits. How much should you deposit each month to end up with $24,000 in 8 years? You should invest $ each month. (Round the final answer to the nearest cent as needed. Round all intermediate values to seven decimal places as needed.) Suppose you are 25 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 $75,000 per year-forever! How much would you need to deposit each month to do this? Assume a constant APR of 5% and that the compounding and payment periods are the same. To draw $75,000 per year, there must be in your savings account when you retire. (Do not round until the final answer. Then round to the nearest integer as needed.)