You retire at the age of 48 and expect to live to the age of 80. On the day you retire, you have $265,000 in your retirement savings account. Annually, you expect to earn 5.00% during your retirement years. How much can you withdraw from the savings account at the end of each month if you die on the day you spend your last penny?

$1,298

$1,332

$1,366

$1,400

$1,434