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A construction company plans to open an account for a major future equipment purchase. The plan is to make uniform annual deposits for the

A construction company plans to open an account for a major future equipment purchase. The plan is to make uniform annual deposits for the next 18 years in the account which is expected to earn a nominal interest rate of 6% per year compounded monthly. If the target is to have $3,000,000 at the end of the 18 years, how much should each deposit be? A. $277,200 B. $280,500 C. $95,400 OD. $97,200

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