Suppose Payments Will Be Made for Yr at the End

Multiple Choice

Suppose payments will be made for yr at the end of each month into an ordinary annuity earning interest at the rate of 6.35 %/year compounded monthly. If the present value of the annuity is $38,000, what should be the size of each payment? Please round the answer to the nearest cent. ​

A) $421.55
B) $430.68
C) $437.55
D) $414.01
E) $436.47