As Jorge Starts Working Now at the Age of 23

Multiple Choice

As Jorge starts working now at the age of 23, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,900 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 8.5%, compounded
Monthly.Round to the nearest cent.

A) $446.46
B) $428.46
C) $432.46
D) $423.46
E) $410.84