You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.

Use this information for the questions below.

Use the Saving for Retirement information above to answer this question.

Suppose you want to use this fund to buy a $331,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal?

$ _______ . Round to the nearest dollar.