Varian wants to have $500,000 in an investment account six years from now. The account will pay 6.96 APR compounded monthly. If he saves money every month, starting one month from now, how much will he have to save each month to reach his goal?

a.

$5,614.90

b.

$5,053.86

c.

$6,049.86

d.

$5,360.94

e.

$5,391.05