A couple have decided to begin a retirement savings program where they will contribute to an account that will accumulate tax free throughout their working lives. The couple expects to retire 31 years from today, and their goal is to have accumulated the amount of $675000 when they reach their future retirement age.
In order to meet their goal, the couple will begin making annuity contributions to an account devoted to the retirement goal. Contributions to this account will begin one month from today, and the couple will continue placing monthly amounts into their retirement account for the next 31 years. What minimum annuity amount needs to be placed in their account at the end of each month so that they'll reach their goal if the annual interest rate is 3%. Work to four decimal points.