You believe you will need to have saved $600,000 by the time you retire in 40 years in order to live comfortably.

You believe you will need to have saved $600,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 7% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)