Shawn Wishes to Have $150,000 in His Retirement Account in 20

Multiple Choice

Shawn wishes to have $150,000 in his retirement account in 20 years' time. In the last 10 years, Shawn estimates that he will be contributing $800 per quarter at the beginning of each period. Over the first 10 years, he will be contributing $150 per month at the start of each month. If the rate of interest is 4.4% compounded quarterly over the 20 year period, determine the initial deposit that Shawn needs to make to achieve his retirement goal.

A) $27,823.81
B) $28,999.12
C) $29,153.92
D) $30,787.44
E) $31,088.73