Paul Lennon, DDS, has $35,675 to place in a retirement account today. He plans to add $740 a month to the account until he retires in 18 years. He'd like to have $450,000 when he retires. The rate Dr. Lennon needs to earn to reach his goals is closest to:

A) 14.33%

B) 27.35%

C) 7.10%