The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 4 years will cost him $25,000. An account at Invest Well Bank earns 2% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 4 years?
a) $467.33
b) $534.09
c) $500.71
d) $607.48
e) $510.71
f) None of the above.

Question

The Flores Family loves to go sailing on the weekends.  Mr. Flores has decided to purchase a more spacious sailboat.  The sailboat he is interested in buying in 4 years will cost him $25,000.  An account at Invest Well Bank earns 2% per year compounded monthly.  How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 4 years?
a) $467.33
b) $534.09
c) $500.71
d) $607.48
e) $510.71
f) None of the above.