An individual wants to retire in 25 years and requires $300,000 in savings at that time. The individual will deposit $500 into an account every month during the next 25 year period starting at the end of the next month. What annual rate of interest must be earned to achieve this goal?

a. 4.90%

b. 4.95%

c. 5.00%

d. 5.05%

e. 5.10%