Logan has worked at Pendleton University for the last 20 years. The university calculates their employee's pension according to the following formula. Determine the average of the highest 5 years of annual earnings. Determine the monthly average using the above amount. Subtract $1,000 from that amount. Multiply the result by 45 %. Add $500 to that result. For each year of employment over 15 years, add 0.5% of the average monthly salary. The final result is the monthly pension benefit. Logan's five highest annual salaries are $73,000; $73,900; $73,900; $74,000; and $75,000. Calculate Logan's monthly pension benefit if he retires after 20 years of employment. Round any calculations to the nearest cent