Billy's objective is to retire at age 65 with $2,000 in monthly retirement income, exclusive of Social Security benefits. He assumes a life expectancy of age 95. The union retirement plan will provide him with $1,000 monthly. (There are no matching contributions from Billy's employer to the plan, and his income is adequate to have the required level of contributions fall within the deferral limits of the plan. Contributions and payments, as appropriate, are made at the beginning of each month.)

If the return in the company's plan is 10 percent, what monthly amount will Billy have to contribute to that plan for 10 years to meet his objective?

a. $556

b. $566

c. $576

d. $747

e. $1,113