Your Investment Goal Is to Have $3,000,000 in 40 Years

Multiple Choice

Your investment goal is to have $3,000,000 in 40 years for retirement. You decide to invest in a mutual fund today that pays 12% per year compounded monthly. How much must you invest at the end of each month to meet your investment goal? Round to the nearest $1.

A) $245
B) $255
C) $285
D) $305
E) $315