According to the survey of college students by Fidelity, the average undergraduate accumulates about $3,000 in credit card debt. Jena has decided to use the time value of money tools from Chapter 3 to calculate the size of the monthly payments that a typical under graduate would need to make to pay off his or her $3,000 of credit card debt over 1 year (12 monthly payments), assuming an annual interest rate of 17.5 percent. If, instead of having to make that credit card payment, a new college graduate invested that same amount monthly in a mutual fund earning 8 percent on average, how much would he or she have for retirement in 45 years?