Multiple compounding: Darius Miller is seeking to accumulate $50,000 in six years to invest in a real estate venture. He can earn 6.35 percent annual interest with monthly compounding in a private investment. How much will he have invest today to reach his goal? (Round the number.)

a. $47,015

b. $37,527

c. $34,193

d. none of the answers is correct.

e. $31,648