Marvin hopes to accumulate $1,000,000 in his retirement plan by making equal contributions at the end of each month for 35 years. He is planning to earn 10.8% compounded monthly. What amount should he deposit every month?

A) $119.90
B) $213.87
C) $569.05
D) $963.27
E) $2,380.95

To find the monthly deposit amount for Marvin's retirement plan, we use the formula for the future value of an annuity, which is $FV=P\times \frac{(1+r{)}^n-1}{r}$ , where $FV$ is the future value, $P$ is the monthly payment, $r$ is the monthly interest rate, and $n$ is the total number of payments. Here, $FV=\$1,000,000$ , annual interest rate $=10.8\%$ , so the monthly interest rate $r=\frac{10.8\%}{12}=0.9\%$ , and $n=35\times 12$ months. Rearranging the formula to solve for $P$ , and substituting the given values, we find that the correct monthly deposit amount is closest to option B, $213.87.