Sinclair Wishes to Supplement His Retirement Income by $200 Per

Sinclair wishes to supplement his retirement income by $200 per month for the next 12 years. He plans to obtain a reverse annuity mortgage (RAM) on his home to meet this need. Estimate the amount of the mortgage he will require if the prevailing interest rate is 12% per year compounded continuously.

A) $14,068
B) $15,261
C) $15,451
D) $29,552
E) $12,541