Gregos received an inheritance of $200,000. He wants to withdraw equal periodic payments at the beginning of each month for the next five years. He expects to earn a 12% annual rate of return, compounded monthly on his investments. How much can Gregos receive each month?
A)
$55,481.95
B)
$49,537.45
C)
$4,448.89
D)
$4,404.84