Suppose Your Personal Financial Goal Is to Retire with a Million

Multiple Choice

Suppose your personal financial goal is to retire with a million dollars in your savings account.How much must you deposit monthly in an account paying 5% a year (with interest being compounded monthly and your deposits occurring at the end of the month) ,to accumulate $1,000,000 by your 65^th birthday if you begin your deposits on your 22^nd birthday? (Note: Assume that you started with no savings in the account prior to your first deposit at age 22 and you do not make a deposit on your 65^th birthday)

A) $552.13
B) $701.90
C) $21,282.95
D) $186,354.63