Use the savings plan formula to answer the following question.

At age 38, you start saving for retirement. If your investment plan pays an APR of 5% and you want to have $1.2 million when you retire in 27 years, how much should you depositmonthly? You should invest $_____ each month. (Do not round until the final answer. Then round to two decimal places asneeded.)

Savings plan formula:

PMT=A x (APR / n)

[(1+ APR / n ) ^(nY) -1]