Imagine that you are 22 years old now, and would like to retire at age 50. You estimate that you will need $1,500,000 to retire at that time. You have decided to start saving for retirement in 2 years, after graduate school. Therefore, in 2 years you will begin depositing money into an investment account that pays a return of 9% per year. You plan to make deposits every month. You also plan to stop saving for retirement at age 45. How much will you need to save each month from age 24 until age 45, to have $1,500,000 at age 50?