Solve the Problem $7 \%$ Annual Interest Rate, Compounded Monthly, in Order for Them to for Their

Multiple Choice

Solve the problem.
-Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that gives $7 \%$ annual interest rate, compounded monthly, in order for them to have $\$ 70,000$ in the fund at the end of 10 years?

A) $\$ 34,831.74$
B) $\$ 37,151.74$
C) $\$ 39,407.74$
D) $\$ 36,131.74$