The Carters are hoping to retire in five years and are saving monthly toward that goal. Their established goal was to have $400,000 by making payments of $5,587.15 at the end of each month. They assumed they could earn a 7% aftertax rate of return but, after talking with their financial advisor, realize that 6% is a more realistic return expectation. Based on this new assumption, what change should the Carter's make to their planned monthly savings to still reach their goal in five years?
Select one:
a. Increase monthly payments by $55.87
b. Increase monthly payments by $86.47
c. Increase monthly payments by $145.97
d. Increase monthly payments by $279.35
e. Increase monthly payments by $326.06
Please show your work. This is a typical TVM calculator problem.