Savings Plan. The formulagives the amount S accumulated in a savings plan when a deposit o...

Savings Plan. The formula

gives the amount S accumulated in a savings plan when a deposit of P dollars is made each month for t years in an account with interest rate r, compounded monthly.

Lamont wants to have $200,000 accumulated in a retirement account by age 70. If he starts making monthly deposits to the plan at age 30 and can count on an interest rate of 4.5%, compounded monthly, how much should he deposit each month in order to accomplish this?