Mary has been working hard to save for her retirement. At the beginning of 2020 she had $300,000 in her 401 retirement saving account. However, the Covid19 crisis hit the market hard and caused her portfolio balance to decline to $200,000. If she wants to reach a goal of $1,500,000 in 15 years, how much must she contribute to the investment account at the end of each year? Assume the average annual rate of return on her investment is 6%?

Select one:

a. $41,823.06

b. $46,700.32

c. $43,851.59

d. $48,538.90