A multinational security software company is planning an overseas expansion that will cost $47 million of todays dollars 3 years from now. Due to a robust economy in Europe, the cost is expected to increase by 12% per year in each of the next 3 years. Assuming the inflation rate is 4% per year, determine the required annual deposit into a fund that earns the market rate of 11% per year to ensure that the amount needed in 3 years will be available. The required annual deposit is $ _____.