A company wants to replace its bridge equipment 7 years from now at an estimated cost of $1,200,000. The company will accumulate this amount through the income received from the passengers crossing the existing bridge. The first deposit will be received one month from today and would be deposited at monthly intervals. The account will earn a nominal 12% annual interest to be compounded monthly. The number of passengers passing through the existing bridge for the next seven years is estimated as shown in the following table: During years 1 through 3 4 through 7 Passengers/month 32,000 passengers/month 36,000 passengers/month How much must be collected from each passenger to accumulate $1,200,000 by seven years from now?