Your Rich Uncle Gave You $10,000 Today on Your 20^th

Multiple Choice

Your rich uncle gave you $10,000 today on your 20^th birthday. You want to invest the money and then start making monthly deposits, beginning one month from today, so that you will accumulate $500,000 by the time you are 60 years old. You believe that you can earn 8% on your investment. How much will you have to deposit each month to reach your goal of $500,000 by your 60^th birthday?

A) Less than $75
B) $76 - $100
C) $101 - $125
D) $126 - $150
E) More than $150