The company you work for will deposit $600 at the end of each month into your retirement fund. Interest is compounded monthly. You plan to retire 15 years from now and estimate that you will need $2,000 per month out of the account for the next 20 years. If the account pays 8% compounded monthly, how much do you need to put into the account in addition to your company deposit in order to meet your objective?
A) $80.00
B) $57.59
C) $90.99
D) $95.88
E) $104.49
Correct Answer:
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