You just had your 40^thbirthday and plan to retire when you turn 65. You have $32,000 in your retirement savings now and plan to deposit $1,000 each month for 25 years starting next month. When you retire at age 65, you will receive a $45,000 retirement bonus from your employer and will immediately deposit it into your retirement savings. You will then use the accumulated funds to buy an annuity that pays you a fixed amount each month for 15 years with the first payment starting one month after your 65^thbirthday. You anticipate earning j₁₂= 6% the entire time.

How much can you withdraw each month?