Don has just turned 43 and has accumulated $34 500 in his RRSP. He makes month-end contributions of $300 to the plan and intends to do so until he retires at the age of 60. The RRSP will be allowed to continue to accumulate until he reaches the age of 65. If the RRSP earn 8% compounded monthly for the next 22 years, what amount will his RRSP contain, when he reaches age 65?

Select one:

A.

$199 361.27

B.

$227 493.81

C.

$392 354.65

D.

$129 539.17

E.

$192 993.38