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Jim is planning to retire in 5 years. He plans that he would need $200,000 in retirement account by the time of retirement for purchasing

Jim is planning to retire in 5 years. He plans that he would need $200,000 in retirement account by the time of retirement for purchasing a condo. He believes that the current investment opportunities would allow him to grow his funds at an 8% rate. How much should he contribute to his retirement account at the end of every three months?

A. 8,331.34
B. 8,031.54
C. 8,131.54
D. 8,231.34

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