Dave has decided to begin a retirement savings program where they will contribute to an account that will accumulate tax free throughout their working lives. He expects to retire in exactly 35 years from today, and his goal is to have accumulated the amount of $725000 when he reaches his future retirement age.

In order to meet his goal, he will begin making annuity contributions to a special account devoted to the retirement goal. Contributions to this account will begin one month from today, and he will continue placing monthly amounts into his retirement account for the next 35 years. What minimum annuity amount needs to be placed in his account at the end of each month so that he'll reach his goal if the annual interest rate is 3%.