A multinational security software company is planning an overseas expansion that will cost $45 million of today's dollars 3 years from now. Due to a robust economy in Europe, the cost is expected to increase by 13% 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 $