Eric makes deposits into a retirement fund earning an annual effective rate of 7%. The first deposit of $1,000 is made on his 38th birthday and the last deposit is made on his 64th birthday. Every year his deposit increases by 3%. When he attains age 65, he will withdraw all the money in the retirement fund to purchase an annuity- immediate which provides him with monthly payment for 25 years. The nominal rate of interest on the annuity is convertible monthly at 6%. Find the amount of each monthly payment.