A Couple Has Determined That They Need $400,000 to Establish

Multiple Choice

A couple has determined that they need $400,000 to establish an annuity when they retire in 27 years. How much money should they deposit at the end of each month in an investment plan that pays an annual rate of 8%, compounded monthly, so they will have the $400,000 in 27 years? Round your answer to the nearest cent.

A) $1,378.73
B) $350.45
C) $531.88
D) $13,570.66
E) $6,178.30