Ross Has Decided That He Wants to Build Enough Retirement

Multiple Choice

Ross has decided that he wants to build enough retirement wealth that, if invested at 6 percent per year, will provide him with $2,500 monthly income for 30 years. To date, he has saved nothing, but he still has 20 years until he retires. How much money does he need to contribute per month to reach his goal?

A) $895.95
B) $902.47
C) $1,947.88
D) $2,500.00