A Woman Would Like to Receive a $300,000 Lump-Sum Distribution

Multiple Choice

A woman would like to receive a $300,000 lump-sum distribution from her retirement account when she retires in 20 years.She begins making monthly contributions now to an annuity paying 8%,
Compounded monthly.Find the amount of that contribution.

A) $557.97
B) $534.47
C) $483.85
D) $541.82
E) $509.32