DrRussell Wants to Buy an Expensive Car Which Will Cost

Multiple Choice

Dr.Russell wants to buy an expensive car which will cost $74,000 four years from today.He would like to set aside an equal amount at the end of each month in order to accumulate the amount needed.He can earn a 7% annual return.How much should he set aside?

A) $1,340.36
B) $1,541.67
C) $2,236.23
D) $1,109.44