Answer:
d. $5,614.90
Explanation:
The amount that the Varian will save at the end of the every month in order to have $500,000 at the end of the sixth year shall be determined through the future value of annuity formula which shall be calculated as follows:
Future value of annuity=R[((1+i)^n-1)/i]
In the given question
Future value of annuity=$500,000
R=amount that the Varian will be saved per month=?
i= interest rate per month=0.58%
n= payments involved=6*12=72
$500,000=R[((1+0.58%)^72-1)/0.58%]
R=$5,614.90
So based on the above calculation, the answer shall be d. $5,614.90
