Jesse wants to have $ 500,000 in his IRA when he retires in 40 years. He is able to invest in an IRA that will yield 2 % compounded monthly. How much will Jesse need to invest into his IRA each month to reach his goal?
P=B(r/n)/(1+r/n)^nt-1
A. $ 374.69
B. $ 436.72
C. $ 556.69
D. $ 680.79