As Jorge Starts Working Now at the Age of 20

Multiple Choice

As Jorge starts working now at the age of 20, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,200 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 7.25%, compounded
Monthly.Round to the nearest cent.

A) $444.62
B) $448.62
C) $439.62
D) $426.19
E) $462.62