Lewis is expected to retire in 20 years and he would like to accumulate $100,000 in the retirement fund.

Mr. Lewis is expected to retire in 20 years and he would like to accumulate $100,000 in the retirement fund. If the interest rate is 12% per year, how much should he put into the fund each month in order to achieve the goal?

$0.04

$101.09

$1,101.09

$13,387.88