Mr. Dawson wants to receive payments of $1,230.00 at the beginning of every month for 19 years starting on the date of his retirement. If he retires in 21 years, how much must he deposit in an account at the beginning of every month if interest on the account is 6.84% compounded monthly? Hint: First calculate the present value of how much money he needs at retirement.

Select one:

a.$242.81

b.$228.81

c.$284.21

d.$222.41

e.$280.21