Xander Schauffele wishes to save money to provide for his retirement in 22 years. Beginning one month from now, he will begin depositing a fixed amount each month for the next 22 years into a retirement savings account that will earn 6% compounded monthly. Then, one year after making his final deposit, he will want to withdraw $80,800 annually for 15 years for his retirement. The fund will continue to earn 6% compounded monthly. How much should his monthly deposits be so that he will have enough money to purchase the annuity that pays $80,800 a year for 15 years when he retires?

Multiple Choice

$1,421.06

$1,492.11

$4,590.91

$2,940.22