You are focused on saving for retirement when you graduate and budget saving $400 per month for the first 22 years of your career. For the remaining 18 years of your career, you plan to increase your savings to $600 per month. How much will you accumulate over the 40 years if you invest the funds at an annual rate of 8.2%?

a. Less than $600,000

b. Between $600,000 and $800,000

c. Between $800,000 and $1,200,000

d. Between $1,200,000 and $1,500,000

e. Greater than $1,500,000