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Kimone, Malik, Bryan and Abigail all need to accumulate 2M in 5 years for their tuitions. If the prevailing rate of interest is 12% compounded

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Kimone, Malik, Bryan and Abigail all need to accumulate 2M in 5 years for their tuitions. If the prevailing rate of interest is 12% compounded monthly, how much must they deposit today to achieve same? ( 3 marks) Select one: a. $2,852,248.08 b. $2,851,248.08 c. $2,753,248.08 d. $2,752,248.08 e. $2,853,248.08

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