Determine the Monthly Payment Necessary to Accumulate $30,000 in a Fund

Multiple Choice

Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded monthly, for 8 years. Assume end-of-period deposits and compounding at the same intervals as deposits. Round the answer to the nearest cent. ​

A) $267.77 per month
B) $186.89 per month
C) $244.24 per month
D) $206.76 per month
E) $201.58 per month