Mr William Expects to Retire in 30 Years and Would

Multiple Choice

Mr. William expects to retire in 30 years and would like to accumulate $1 million in the pension fund. If the annual interest rate is 12% per year, how much should Mr. Williams put into the pension fund each month in order to achieve his goal? Assume that Mr. Williams will deposit the same amount each month into his pension fund and also use monthly compounding.

A) $286.13
B) $771.60
C) $345.30
D) None of the above