Approximately How Much Should Be Accumulated by the Beginning of Retirement

Multiple Choice

Approximately how much should be accumulated by the beginning of retirement to provide a $2,500 monthly check that will last for 25 years, during which time the fund will earn 6% interest with monthly compounding?

A) $361,526.14
B) $388,017.16
C) $402,766.67
D) $414,008.24