Use the savings plan formula to answer the following question.

At age $36,$ you start saving for retirement. If your investment plan pays an APR of $7\%$ and you want to have $$$$1\mathrm{.}2$ million when you retire in $29$years$,$ how much should you deposit$$ monthly?

Question content area bottom

Part $1$

You should invest $$$enter your response here each month.

$($Do not round until the final answer. Then round to two decimal places as$$ needed.$)$