Marge Is Planning to Have a Retirement Income of $2,000

Multiple Choice

Marge is planning to have a retirement income of $2,000 at the end of every month for the first 10 years that she is retired and then increase it to $3,000 per month for the next 20 years. If her retirement funds earn 7.8% compounded monthly, how much money must she have when she retires?

A) $960,000
B) $530,350
C) $333,598
D) $283,418
E) $64,099