You just graduated from Florida State University at the age of $23,$ and you were able to land a great job paying $$55,000$ per year. Since you took Bliss's finance class, you knew that you needed to start saving for retirement because compound interest is your best friend when it comes to investing. To plan for your retirement, certain assumptions must be made. The first is that you will work for $42$ years, and you expect to receive annual pay increases of $3\%.$ This is $42$ years of receiving an annual income. Second, you plan to save $10\%$ of your annual salary. You further expect that you will be able to earn an average rate of $9\%$ on your investments during your working years. When you retire, you will reduce your tolerance for risk and expect a return of $6\%$ on your accumulated investments. If you plan to live $20$ years after retirement, how much monthly income can you expect, assuming you want to leave $$1,000,000$ to your heirs.