Claire wants to have an income of $45,000 a year when she retires. She finds
a CD that offers 5.2% APR compounded annually, and she also finds a period
annuity that offers 5.2% APR compounded monthly for 20 years. How much
more money would Claire need to invest in the CD than in the annuity in order
to reach her goal?
A. $937,500.00
B. $577,849.89
C. $306,562.27
D. $412,675.23