A Recent College Graduate Begins a Savings Plan at Age

A recent college graduate begins a savings plan at age 27 by investing $500 at the end of each month in an account that earns an annual rate of 8.3%, compounded monthly. Suppose this plan is followed for 10 years, and that sufficient equal monthly contributions are made for the next 28 years in order to be able to withdraw $10,000 at the end of each month from the account for the next 25 years. What is the total amount contributed? Round your answer to the nearest cent. ​

A) $141,458.61
B) $117,214.97
C) $132,730.90
D) $92,971.34
E) $181,458.61

Correct Answer:

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