A couple are planning to save money for their children go to college 12 years' later. They currently have $175,000 which is deposited in the bank now. If they would like to have $1,750,000when their children to go to college, what monthly rate of interest would they have to earn on their $175,000 in order to reach their goal?

Group of answer choices

a) 3.91%

b) 1.51%

c) 1.61%

d) 1.43%